March 12 - Austrian based and European facing sports betting giant BetandWin
have announced that they have finalized the acquisition of Ongame e-Solutions,
the Swedish online poker software house and poker operator in a deal worth
US$611 million...
In a company statement, the company announced that all the conditions of
their initial offer had been met and that all approvals were made by the
BetandWin board. BetandWin will significantly increase its market share in the
online gambling space though this acquisition. The deal will see Ongame
shareholders being paid 5.37 times 2005 earnings less customer bonuses. 60% will
be paid in two cash instalments, and 40% in shares.
The deal will be funded through the issue of news shares in BetandWin, with
the first instalment of shares already sold. There is an 18 month share lock up
in place for the shares issued to Ongame shareholders.
Ongame is the operator of the Ongame Poker Network, with large skin sites
such as Pokerroom.com.
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