Friday, Dec. 29, 2006

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PartyGaming acquires two more companies

By Sarah Polson

PartyGaming, Plc. announced today that it had struck deals with Empire Online and Intercontinental Online Gaming to acquire their online gaming sites. The deals will cost approximately $66 million in shares.

"These acquisitions represent excellent value for our shareholders and are consistent with our strategy," said Mitch Garber, PartyGaming CEO.

The acquisitions will help replace revenue lost for PartyGaming when the company stopped accepting wagers from U.S. customers. According to Garber, the consolidation will also bring strong management and marketing skills to help the company accelerate it's promotional plans.

PartyGaming will pay for the deal by issuing 115.2 million new shares in the company. Through the deal, the company, which already owns PartyPoker.com, will acquire sites such as Noble Poker and Fair Poker as well as other online gambling sites.

The deal is expected to be completed on or around Jan. 19.

Related Articles:

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