E-gaming companies, PartyGaming and bwin have received shareholder approval to merge to create the world’s largest listed online gaming business, based in Gibraltar. Subject to approval from the Gibraltar Supreme Court, the merger is expected to be completed on March 31, 2011.
Under the proposed merger, the assets and liabilities of bwin will be transferred to PartyGaming thereby forming a Societas Europaea (European joint stock company) incorporated in Gibraltar. Upon completion of the proposed merger, Bwin shares will be de-listed from the Vienna Stock Exchange and the shares in the combined entity will be listed exclusively on the London Stock Exchange.
Following the approval of the merger in Germany by the Federal Cartel Office and in Austria by the Federal Competition Authority, bwin has now also received anti-trust approval from the relevant authorities in Romania.
Bwin co-Chief Executive Officer, Norbert Teufelberger and his counterpart at Party Gaming, Jim Ryan will continue to jointly hold their posts. Other key management positions will be occupied by the existing senior management of both companies.
Commenting, Teufelberger stated: "This business combination makes great strategic, operational and financial sense. We will be in pole position to capitalize on the wealth of opportunities that will flow from the continued evolution and expansion of the global online gaming industry."
On behalf of PartyGaming, Ryan added: “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 (in particular bingo), the enlarged group will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cashflow generation and a highly experienced management team.”
A comprehensive report in our Intelligence Report series using the experiences of a fictional company, Peyton Media Group, and its 'dotcom' spin-off, PayTechPublishing ('PayTech'), the Lowtax Gibraltar Report sets out to analyse the suitability of Gibraltar as an e-commerce location. The Report will be useful to every company considering the switch to e-commerce, and uncertain whether or not to 'go offshore'. The Report is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report12.aspTags: law | offshore | investment | business | internet | mergers and acquisitions (M&A) | offshore e-gaming | international financial centres (IFC) | Austria | Germany | Gibraltar | United Kingdom | regulation | Germany | Austria | Gibraltar
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