December 18 - Ongame, the online poker software provider behind
PokerRoom.com has been sold to Austrian online sports betting group,
BETandWIN.com Interactive Entertainment AG. BETandWIN will acquire 100% of
Ongame's assets...
Ongame owns and operates
PokerRoom.com, and runs one of the largest online poker networks.
Ongame currently has more than five million registered players and 260,000
real money players across the network. New real player sign ups grew by
253% last year and the group showed an operating margin of about 33%.
The deal is expected to be finalized by April 2006 if Ongame achieves net
revenues in 2005 of no less than EURO 88.2 million and earnings of no less than
EURO 25.2 million.
The total consideration for 100% of Ongame will be calculated by using a
contractually agreed multiple of 5.37 of Ongame's net revenues in 2005 and is
therefore expected to amount to at least EUR473.6 million.
The deal will be settled in 40% BETandWIN stock at a price of EUR) 65.19, 45%
cash and 15% as a deferred payment.
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