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PartyGaming In Talks With GigaMedia

According to The Sunday Times newspaper, leading listed online gaming operator is considering the purchase of one of its rivals.

Thursday 30th April 2009

Leading listed online gaming operator PartyGaming is reportedly in takeover talks with Hong Kong-based rival GigaMedia Limited, the firm behind online poker site EverestPoker.com. According to a recent piece from The Sunday Times newspaper, GigaMedia has a market value of $363 million and is thought to have hired investment bank Goldman Sachs to find a buyer for the whole company or its Everest brand. Gibraltar-based Party Gaming recently settled a legal dispute with US authorities for providing online gambling services to Americans prior to President George Bush's clampdown via the Unlawful Internet Gambling Enforcement Act of 2006. It will pay a total fine of $105 million between now and 2012 with The Sunday Times stating that it is is among a small number of parties thought to be negotiating with GigaMedia. Jim Ryan, Chief Executive Officer for PartyGaming, revealed after signing the deal that the firm was in talks with financial institutions about arranging funding for future acquisitions. However, the newspaper reported that the unwillingness of GigaMedia shareholders to hold stock in a London-listted company could be a major barrier to a full merger. “We have made it very clear we believe the industry will consolidate and we will look at opportunities as and when they arise,” a spokesperson for PartyGaming was quoted by The Sunday Times. GigaMedia reportedly told investors last month that it was ‘in discussions with several interested parties concerning the possibility of a strategic merger or a sale’.




Source: OnlineCasinoNews

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