PartyGaming And Bwin Form World's Biggest Online-Gambling Operation

PartyGaming And Bwin Form World's Biggest Online-Gambling OperationAfter months of discussions, PartyGaming And Bwin have finally announced their decision to merge their businesses and form the  world’s largest online gambling company.
Providing shareholders approve the merger, Bwin will own 51.4% of the new business while 48.36% will be owned by PartyGaming.
It didn’t take long for the markets to react to the favourable news, and within a short time PartyGaming shares had soared by an impressive 20%, while those of Bwin had jumped by 25%. At these latest prices,  PartyGaming is now valued at £1.26 billion ($1.96 billion), and Bwin at €1.58 billion ($2.05 billion).
Commenting on the historic merger, Co-CEO of Bwin, Norbert Teufelberger said: “We will be in pole position to capitalise on the wealth of opportunities that will flow from the continued evolution and expansion of the global online gaming industry.”
PartyGaming’s CEO Jim Ryan echoed his counterparts sentiment and stated:
“With market-leading positions in poker, sports betting, casino and games, the enlarged group will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cashflow generation and a highly experienced management team.” 
With a combined revenues of £571 million in 2009, the creation of the soon to be online gambling giant will now likely spark a flurry of consolidations in the industry, as other companies attempt to remain competitive in a badly fractured market.

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