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bwin.party sells World Poker Tour

22 June 2015 07:21

bwin.party digital entertainment has sold its nterests in World Poker Tour to Ourgame International Holdings on a debt free/cash-free basis for US$35m, payable in cash.

Ourgame is a fast-growing Hong Kong-listed social gaming company with interests across Asia and a market capitalisation of approximately HK$5.7 billion (US$733m).

Under the terms of the transaction, bwin.party will continue to sponsor various WPT events and television shows in both the United States and Europe until 31 December 2016.

In addition, bwin.party also has a right of first refusal over such additional sponsorship opportunities that may become available until 31 December 2016. Having been acquired in September 2009 for US$12.3m, in the year to 31 December 2014, World Poker Tour reported total revenue of £10.4m and a loss at the Clean EBITDA level of £4.1m.

Chief financial officer Martin Weigold said: "Over the past six years we have built WPT into a global franchise, with tournaments and TV deals in many countries including Asia where poker remains a popular and growing sport. However, consistent with our strategy of divesting our non-core assets, we believe that now is the right time to release that value for shareholders so that we can focus our efforts on our core real money gaming and technology business."

Story provided by StockMarketWire.com

Related Company: BPTY

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