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."
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