BWIN.PARTY TO OFFLOAD ONGAME


bwin.party Digital Entertainment, has begun the formal process of selling its Ongame Network Limited business-to-business subsidiary with completion expected before the end of the year.




THE WORLD'S LARGEST listed online gambling operator, bwin.party Digital Entertainment, has begun the formal process of selling its Ongame Network Limited business-to-business subsidiary with completion expected before the end of the year.

An official statement read, "One area of our stated strategy was to recycle surplus assets. As part of this process, and having taken some initial soundings from interested parties, we have commenced a formal process to sell Ongame's business-to-business operation that is one of the world's leading online poker networks with a state-of-the-art technology platform.

"Since the completion of the merger that took place on March 31, we continue to make progress on implementing the plans that we had prepared prior to completion. As a result, we remain on-track to deliver the full Ђ55 million of annualised synergies by 2013 as previously announced."

The company also revealed in a pre-close trading update that its business was trading in-line with management expectations.
 
printer friendly LAN_NEWS_24email to someone
  Login to rate

You must be logged in to make comments on this site - please log in, or if you are not registered click here to signup