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WPT finds a new buyer
A little less than three weeks since announcing it had entered an agreement to sell almost all its assets to a privately held investment group the World Poker Tour has accepted a better offer.
On Aug. 4, Gamynia Limited agreed to pay $9,075,000 plus a percentage of future revenues for almost all of WPT Enterprises assets, including its television, sponsorship, distribution and licensing units.
The deal was pending stockholder approval and in the interim another offer was made. SEC guidelines required the company to consider the new offer and Monday, the WPT announced they had accepted it.
This time the buyer is a subsidiary of PartyGaming, which also owns the online poker site Party Poker.
The deal is similar to the Gamynia offer, except the subsidiary, Peerless Media Ltd., has agreed to pay $12.3 million for the company's assets and 5% of future gaming and other revenues.
"PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future," said WPTE president and CEO Steve Lipscomb.
"The Board of Directors has determined that PartyGaming's acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming."
This new deal is now pending stockholder approval and is expected to be completed in the fourth quarter of 2009.