ONLINE GAMBLING'S PARTYGAMING ACQUIRES EMPIRE'S ONLINE ASSETS
28 December 2006
Jane Martinson and Simon Bowers
Thursday December 28, 2006
PartyGaming is to acquire the gaming assets belonging to its smaller rival Empire Online in a deal that could be announced as early as today. It is expected to be the first in a flurry of deals in the internet gambling sector in the wake of US anti-gambling legislation passed in October.
The acquisition, which is understood to value Empire’s gaming assets at between $30m and $40m (£15.3m-£20.4m), provides the exit that its founder and chief executive, Noam Lanir, has been seeking for months. Long before the ban came into force he had become sceptical about the young industry’s prospects given the hostile stance of US regulators and politicians.
For PartyGaming, the acquisition brings with it Empire’s marketing expertise. The Aim-listed Empire specialises in recruiting punters through its “skin” websites. It receives a cut of revenues from its various gaming service partners.
MORE – READ THE COMPLETE ARTICLE AT THE GUARDIAN
29 December 2006PARTYGAMING DEALING IN ONLINE GAMBLING PROPERTY
THE TELEGRAPH (www.telegraph.co.uk) By Richard Blackden Last Updated: 6:38pm GMT 29/12/2006 Troubled Internet gambling group PartyGaming says the acquisition of assets from smaller rival Empire Online for about $66m will immediately lift profit next year. In the first round of consolidation in the industry, PartyGaming is buying several assets from Empire, including NoblePoker.com, EnterCasino.com and Carnivalcasino.com.Read full article