Bwin Interactive Entertainment AG and PartyGaming have released a joint statement, noting that their merger is still “on track.” The merger of the two gambling powerhouses would create the largest publicly traded online gambling company in the world.
The companies first announced the merger in July. Bwin is set to become the majority shareholder with 51.64% of the new business, while PartyGaming will hold the remaining 48.36%. The newly formed company will be listed on the London Stock Exchange and is valued at about £2.5 billion.
Bwin Interactive Entertainment AG is an Austrian based online betting company. The company is listed on the Vienna Stock Exchange and has been since 2000. They are widely known throughout Europe for sports betting and are the jersey sponsors of the European soccer powerhouse Real Madrid.
PartyGaming is the online gambling company that created the PartyPoker online poker room. PartyPoker was the biggest online poker room in the world until removing itself from the US market. It still remains as the fourth largest poker room in the world. It is currently traded on the London Stock Exchange.
The new company will be managed by two Chief Executive Officers (CEOs), Jim Ryan, CEO of PartyGaming, and Norbert Teufelberger, CEO of bwin. Shareholders of bwin Interactive Entertainment AG will receive 12.23 new PartyGaming shares for each share they hold of bwin.