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added on 2010-07-30 07:01:30
Two of the biggest online gaming operators, PartyGaming and Bwin, announced their plans for a merger that would create the largest publicity-listed online gaming company in the world.
The two companies announced they will join forces up to a whole world of opportunities, such as a leading position in all online poker, casino games, bingo and sports betting activities, and annual synergies of approximately €55 million.
According to the new merger, Bwin will be the major shareholder with 51.64% share of the company, while PartyGaming will have a share of only 48.36%.
Bwin chief executive Norbert Teufelberger said in a statement that this business agreement “makes great, operational and financial sense” thanks to the continued evolution and expansion of the global online gaming market.
PartyGaming's chief executive Jim Ryan also said: “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.”
Jim Ryan and Norbert Teufelberger will become co-chief executives of the new countries. The new company will be located in Gibraltar and it will be listed on the London Stock Exchange.
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