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Online betting firm bwin announces merger with PartyGaming - 30th July 2010

Austrian online betting company bwin announced Thursday it had signed a merger agreement with British rival PartyGaming.

The move, giving bwin a 51.6-percent stake in the new group compared to 48.4 percent for PartyGaming, will become effective in the first quarter of 2011, the Austria Press Agency reported.

"This business combination makes great strategic, operational and financial sense," bwin chief executive Norbert Teufelberger said in a statement.

"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," he added.

PartyGaming chief executive Jim Ryan echoed that sentiment, saying: "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."

The two men will become co-chief executives of the new company, which will have its seat in Gibraltar and be listed on the London Stock Exchange.

Meanwhile, bwin will be delisted from the Vienna Stock Exchange.

The new group will be the largest listed online gaming company.

In late trade Thursday, bwin shares were up 20.35 percent to 42.88 euros in Vienna and PartyGaming gained 19.49 percent to 307.1 pounds in London. (Credit: Fairfax Media)

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