PartyGaming to Buy World Poker Tour
August 25, 2009 (CAP Newswire) — British online gaming company PartyGaming Plc has announced that it will purchase WPT Enterprises Inc (World Poker Tour) for $12.3 million in cash, multiple news sources are reporting today.
As part of the deal, expected to be completed in the fourth quarter of this year, PartyGaming also announced that it will pay a minimum of $3 million over the next three years to vendors for WPT on an ongoing revenue share deal.
The deal confirms the first major U.S. purchase for PartyGaming in its ambitious new plan for market acquisitions announced after the settlement with U.S. authorities earlier this year. The bid beat out Interent gaming rival 888, which was also looking to acquire WPT.