Austrian online gambling provider bwin Interactive Entertainment AG and British gaming company PartyGaming Plc (PRTY.L) Thursday announced their merger plan to create a new online gaming group under the name bwin.party digital entertainment plc. bwin shareholders are expected to hold 51.6% of the shares and current PartyGaming shareholders to hold 48.4%.
As per the agreement, shareholders of bwin will receive 12.23 PartyGaming shares denominated in GBP. The companies expect annual synergies from the merger to be about 55 million euros. About three quarters of the amount is expected to be achieved in the financial year 2012, with full synergies from the year 2013. Revenue synergies are expected to be approximately 13 million euros. Norbert Teufelberger, co-CEO of bwin said, "The online gaming industry is going through a phase of consolidation, making market players' size and geographic diversification more crucial than ever. The new company will operate worldwide with its existing brands under the name of bwin.party digital entertainment plc, in which current bwin shareholders are expected to hold 51.6 per cent of the shares and current PartyGaming shareholders 48.4 per cent."
bwin.party will have its headquarters in Gibraltar and will be listed on the London Stock Exchange. Teufelberger will head up the company as co-CEO together with Jim Ryan, PartyGaming's current CEO. Further, the business operations of bwin in Austria will be retained and a newly founded subsidiary, bwin Services AG will support selected areas of the group in Vienna. In July end, PartyGaming and Bwin had signed a merger implementation agreement to form the world's largest listed online gaming business. The companies said the entity will have market-leading positions in each of the four product verticals of poker, sports betting, casino and games. PRTY.L is currently trading at 206.29 pence,down 1.91 pence or 0.92%, on a volume of 912 thousand shares.
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