(PRESS RELEASE) -- PartyGaming, the world's leading listed online gaming company, announces the completion of the acquisition of the business and substantially all of the assets of WPT Enterprises Inc. ("WPTE") for a cash consideration of $12.3 million plus an additional minimum aggregate payment of $3m over the next three years relating to an ongoing revenue share agreement.
The assets being acquired include, inter alia:
· The World Poker Tour® brand, rights to a number of land-based events in the US and Europe and all other intellectual property rights associated with the World Poker Tour
· An extensive library of over 150 hours of poker programming that is broadcast in more than 150 countries
· The ClubWPT subscription poker offering that has more than 16,500 paying subscribers in 37 US states
Commenting on today's announcement, Jim Ryan, PartyGaming Chief Executive Officer, said:
"This deal brings together two of the biggest brands in online and offline poker - www.PartyPoker.com and World Poker Tour - that we will market internationally to build our poker business. Our plans also include using the ClubWPT subscription platform to leverage our 12 million-strong US player database via a Party-branded website and the launch of a European WPT-branded poker and casino site. We are excited about the opportunities that WPT, a proven marketing channel for the Group, will create for PartyGaming, particularly if the US regulates and licenses online gaming."
Steve Lipscomb, the founder of WPTE, said:
"PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future. Combining two of the pioneers and leaders in the poker and online gaming markets will create a strong vehicle for the WPT brand to continue its global expansion."