July 21
United States based slots manufacturing giant IGT is
reported to be in negotiations with online gambling software provider WagerWorks.
It is reported that the deal will be worth more than $50
million. The deal is expected to be finalized in the coming days.
It is also reported that Wagerworks were considering a float on the London Stock
Exchange, after it recently opened a London office and some management staff
were relocated to London. It now appears as if the company is looking to raise
funds in a trade sale.
Wagerworks is the only online gambling software provider that does not accept US
bets, making it a prime acquisition target for US firms.
The two companies already work together, with Wagerworks developing some games
for IGT slot machines.
Its main business however is in the online gambling markets, with prime clients
in the UK such as Skybet, Virgin Games, Blue Square and Paddy Power.
It also operates a poker site in association with the World Poker Tour.
For the quarter ended June 2005, IGT reported net income of $114.7 million.
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