Betandwin enters talks for €500m takeover of Ongame
Monday 12th December 2005
Betandwin is reportedly in takeover negotiations with software provider and owner of Internet poker site Pokerroom.com – Ongame. The two companies have already signed a memorandum of understanding regarding the potential acquisition.
If negotiations are successful, the €500m deal would make Betandwin one of the largest online gaming firms worldwide – second only to PartyGaming.
The takeover deal would significantly increase Betandwin’s global reach. Currently, Betandwin's player base is located mostly in Western Europe and Russia. Acquiring Ongame would bolster its position in North America and the United Kingdom – the locales of most of Pokerroom.com's online poker players.
The deal would also initiate a change in strategy for Ongame who prior to the Betandwin development had been planning to float. However, if takeover talks fall through, Ongame will then continue its original plan.
Betandwin is reportedly in takeover negotiations with software provider and owner of Internet poker site Pokerroom.com – Ongame. The two companies have already signed a memorandum of understanding regarding the potential acquisition.