July 30 - The largest share of 51.64% of the London Stock Exchange listed
merged entity will be owned by Bwin while PartyGaming (operators of sites like
Party Poker) will hold 48.36%. Bwin has a current market capitalisation of
€1.4bn, and PartyGaming has a
market cap of £1.1bn.
The two Chief Executives, Jim Ryan of PartyGaming, and Norbert Teufelberger of Bwin, will become
joint chief executives of the merged company.
Current Bwin co-chief executive Manfred Bodner will become a non-executive
director on the board of the enlarged group.
According to Ryan: "This is a transformational opportunity for both our companies
to create the world's largest listed online gaming business. With market-leading
positions in poker, sports betting, casino and games (in particular bingo), the
enlarged group will have a winning formula to exploit the growing online gaming
market, supported by a strong balance sheet, significant cash flow generation and
a highly experienced management team."
Teufelberger said: "This merger of equals makes great strategic, operational
and financial sense. We will be in pole position to capitalise on the wealth of
opportunities that will flow from the continued evolution and expansion of the
global online gaming industry."
Speculation over a merger between the two companies has been going on for
some time and Party Gaming confirmed the rumours in March, stating that the
parties had been in discussion.
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