November 12 - Despite a last minute attempts by Los Angeles based Mandalay
Media to torpedo a deal that was on the verge of being signed between Party
Gaming and World Poker Tour Enterprises, the offer was rejected.
Party Gaming thus confirmed that it had completed the acquisition of WPT,
thereby obtaining control of the brand and other assets.
Recently, Mandalay offered to buy the entire WPT Enterprises brand for $35.5
million, however the group's board finally decided to go with Party Gaming's
$12.3 million offer to purchase assets.
The purchase is a clear indication of Party Gaming's intentions to enter the
US poker market when legislation allows it.
The acquisition provides Party Gaming with the World Poker Tour brand, as
well as the rights to land based events in the United States and Europe.
In addition, Party Gaming will enjoy 150 hours of poker programming and tens
of thousands of real money players for a subscription offering.
Party Gaming will channel at least $3 million more to WPT over the next three
years, as part of the deal signed.
The Chief Executive of the Gibraltar based Party Gaming, Jim Ryan said that
the "two biggest brands in online and offline poker" had been united by the
deal.
"We will market internationally to build our poker business," said Ryan.
Plans for the newly acquired brand include the launch of a WPT branded poker
and casino site in Europe in the near future.
Read our Party Poker Review.
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