Austrian online gaming company betandwin.com Interactive Entertainment AG said this week that it is about to conclude an acquisition in Gibraltar, which is one of the leading jurisdictions for offshore gaming.
Betandwin.com, which is listed on the Vienna Stock Exchange, signed a letter of intent on May 22 to take over an unnamed betting company on the Rock. According to the company, agreements have already been reached on the financial conditions and the definitive purchase agreement will be signed shortly. Betandwin.com expects the closing of the acquisition (which mainly depends on customary due diligence procedures and the transfer of the betting licence) during the third quarter of 2001.
Betandwin.com, which has also announced a major expansion into Italy, said the impending acquisition in Gibraltar 'constitutes an important strategic progress on the way towards a leading international online gaming company' and that it would create a 'tax optimised basis for managing international betting business in an established jurisdiction.'
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