Philippine bingo operator acquires online gaming and software developer with new games in mind.
Tuesday 4th March 2008
Philippines-listed entertainment group Premiere Entertainment Productions has signed a deal to acquire online gambling software developer Digiwave Solutions subject to the approval of shareholders.
The deal will see Premiere Entertainment Productions issue over one million shares amounting to about $1.24 million in exchange for ownership of Digiwave.
“The share swap is anchored on Digiwave’s projected net income as for the year ending December 31, 2008, valued at $3.11 million given a P/E multiple of eight times,' a statement from Premiere Entertainment Productions read.
The statement went on to report that agreement had been reached to rename the company Premiere Entertainment Philippines with the selling Digiwave shareholders agreeing to invest $3.72 million in the new company.
Premiere Entertainment Productions is engaged in entertainment, gaming and leisure activities and is chaired by movie producer Cirio Santiago. It produces full-length motion pictures and program content for free television, cable broadcast and video distribution with a subsidiary, Premium Events Palace, involved in bingo parlour operations.
Digiwave is an entertainment and information technology company that is also the second-biggest supplier of gaming stations in the Philippines through the facilities of Government agency PhilWeb. Its principal business is the development and provision of leisure gaming software using South Korean technology and a Filipino workforce.
Philippines-listed entertainment group Premiere Entertainment Productions has signed a deal to acquire online gambling software developer Digiwave Solutions subject to the approval of shareholders.