PartyGaming seizes World Poker Tour deal from Gamynia
PartyGaming is to acquire the business and assets of World Poker Tour parent company WPT Enterprises, scuttling a deal WPT had with investment group Gamynia.
PARTYGAMING IS to acquire the business and assets of World Poker Tour parent company WPT Enterprises, scuttling a deal WPT had with investment group Gamynia.
The PartyGaming deal remains subject to formal approval by WPT shareholders, but is expected to be completed in the fourth quarter of 2009. Assuming it goes ahead, the revenue share relating to the purchased assets will see Party make a minimum aggregate payment of $3m over the next three years.
Assets include WPT’s television library, brand names and contracts. The company will retain the current cash on its books, which is understood to total $13.4m as of 30 June, as well as license revenue from particiular sponsorship deals for the upcoming season of the World Poker Tour.
As reported on EGRmagazine.com, Party pledged an M&A drive after settling with the US authorities in May. This month’s WPT deal follows PartyGaming acquiring Cashcade in July, and a deal between Party and UK TV broadcaster Five for a TV bingo and casino product in June.