29th July, 2010
Following what seems like months of specualtion, two of the best uk casinos and poker rooms have this week confirmed what everyone already knew - that they would merge to become the biggest players in the online gaming industry.
Austrian based company Bwin has finally shook hands with the Gibraltar based company Party Gaming to create a merged company that should dominate not only the online casinos and online poker spheres, but would also be market leaders in online bingo and sports betting.
Bwin will be represented slightly more than it's new neighbour, owning 51.6% of shares - which will be listed on the London Stock Exchange and will see the Austrian brand incorporated into Gibraltar.
The CEO's from both companies will join forces to run the show together - Jim Ryan of Party Casino and Norbert Teufelberger of Bwin - and it was the former who made the first comments on the new venture...
"This is a transformational opportunity for both our companies to create the world's largest listed online gaming business. With market leading positions in poker, sports betting, casino and games, the enlarged group will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cash flow generation and a highly experienced management team."
Teufelberger was equally as bullish...
"This merger of equals makes great strategic, operational and financial sense. We will be in pole position to capitalise on the wealth of opportunities that will flow from the continued evolution and expansion of the global online gaming industry.”
Business analysts predicted that the merger would mean a company with over £2.5bn in market cap between them.
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