Bwin becoming the leader of Europe’s
greatest Online Gaming Market?
One of the biggest news lately in the online gaming world is the move made by Bwin, acquiring a basic Italian gaming site, Gioco Digitale, which move is thought to be a potentially market-dominating step. With this deal Bwin could get on the first place of Europe’s greatest Online Gaming Market.
Recently there has been born an agreement between Bwin and the Gioco Digitale company owners about Bwin holding 100% of Gioco Digitale shares, the transactions being scheduled in October this year. Gioco Digitale is the leading Poker website operating in Italy having a total of 20.1 million EUR in the first half of the year 2009. By acquiring the total shares of Gioco Digitale Bwin could become the number one in online poker and lotteries in Italy, which will highly complement its top position on the field of sports betting.
According to the agreement Gioco Digitale will contribute 56.30 % of share capital, the number of 752,474 Gioco Digitale shares and in exchange it will get 2,300,000 Bwin shares. Gioco Digitale will be acquired on a debt- and cash-free basis based on further agreement, including Bwin’s acquisition of the left shares by paying 25 million EUR cash on conclusion of the transaction together with further cash payments, an amount of 20 million EUR on the presentation of the Italian site’s audited accounts for the year of 2009. 18 months after closing target to the results of financial performance goals on the year of 2009 further 5 million EUR will be provided to Gioco Digitale owners.
By excluding the existing shareholders’ subscription rights the share exchange will be financed from existing share capitals. The remaining Gioco Digitale shares will be acquired by using existing cash resources. Find out more details about this agreement by visiting http://www.bwin.org, where you can find the complete report about the case.
