Leading entertainment solutions provider for the regulated gaming industry, the Amaya Gaming Group, was thrilled to announce the recent acquisition of the popular B2B online poker network, Ongame Poker Network, from Bwin.Party Digital Entertainment in a deal that is worth up to $32.2 million.
It has been revealed that the Montreal based Amaya Gaming Group will hand Bwin.Party an initial payment of $19.3 million in cash on completion of the deal which is expected to be made during the fourth quarter of this year, subject to regulatory approval. The Amaya Gaming Group will be required to pay an additional amount of up to $12.9 million if online gaming is regulated in the United States over the following five years.
David Baazov, the Chief Executive Officer of Amaya, revealed that the acquisition of Ongame will bolster Amaya Gaming’s product portfolio and transform Amaya into a leading provider of gaming platforms. Baazov added that they are looking forward to unleashing Ongame’s technology to its full potential through the leveraging of their many B2B relationships and delivering new partners and players to the network. He also said that the Ongame platform is proven, scalable and secure and is, therefore, well suited for quick deployment in new regulated markets. Baazov is thrilled about the huge range of opportunities that this acquisition will make possible for them as they execute on their vision.
According to Jim Ryan and Norbert Teufelberger, the Co-CEO’s of Bwin.Party, the sale of the Ongame Poker Network conforms to their strategy, especially as they advance closer to launching their single, proprietary technology platform in the following few months. Ryan and Teufelberger added that they are sure that Ongame will fit well into Amaya Gaming and has an excellent future ahead.
