PartyGaming Bwin Merger Talks Confirmed

23.01.2010, Putting an end to speculation that two very large online gambling firms are in consolidation negotiations a report appearing in Format an Austrian financial magazine confirms that PartyGaming and Bwin are talking merger.

The deal reportedly worth over four billion dollars shot PartyGaming stocks up on the speculation that this will go through. Format quoted Bwin chairman, and largest shareholder, Hannes Androsch as saying, "it's true that talks are going on, but we don't know yet whether they will succeed".

"The Board of PartyGaming confirmed in a short statement to the London Stock Exchange. "As all such discussions remain at a preliminary stage, there can be no certainty as to whether or not such discussions will result in any form of transaction with any party."

PartyGaming has been making moves on the consolidation front recently with actions like the acquisition of Cashcade, owner of Foxy Bingo and the purchase of the assets of World Poker Tour Enterprises. Merging with Bwin would give PartGaming an advantage position in sports betting. Bwin is not the only potential partner and it is speculated that the U.K.'s 888 Holdings, Sportingbet and Sweden's Unibet, are also in the running for potential mergers.

Bwin shares also climbed higher on the suggestion that it would find a merger deal with PartyGaming.

PartyGaming has been positioning itself for a return to the US market after making a payoff deal with the prosecutors after a two year investigation by the US attorney's office for the southern district of New York. PartyGaming agreed to a $105m settlement to be paid in eight half-yearly instalments until September 2012.

European countries are doing their level best to attract and keep online gambling operators with a vested interest in generating revenues for their countries. Consolidation is the route the gaming companies are taking to take full advantage of the new regulatory regimes offered by the relaxed rules. Mergers and acquisitions will be watched closely by the stock holders of these companies and will drive share prices up as potential grows.

Über iGaming News:

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