bwin.party to sell Ongame for 25m euro

Online gaming titan bwin.party has announced plans to sell Ongame, a B2B online poker network, to Amaya Gaming Group for up to 25m euro on a cash-free and debt-free basis.

The initial consideration of 15.0m euro will be paid on completed, which is anticipated to be in the fourth quarter of this year, while additional payments of 10m euro will made if there is regulated online gaming in the US within the next five years.

The exact amount of the contingent consideration will depend upon the extent of the regulation based upon the number of states that regulate and the total population covered, the firm said.

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The proceeds from the sale will be used for general corporate purposes.

Jim Ryan and Norbert Teufelberger, the Co-CEOs of bwin.party, said: "The sale of Ongame conforms to our strategy, especially as we move closer to launching our single, proprietary technology platform in the next few months. We believe Ongame will fit well into Amaya Gaming and has an excellent future ahead."

Bwin's share price rose 1.25% to 105.20p by 14:05.

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