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Bet And Win acquires Ongame

Discussion in 'Casino Industry Discussion' started by jetset, Dec 16, 2005.

    Dec 16, 2005
  1. jetset

    jetset RIP Brian CAG

    Senior Partner, InfoPowa News Service
    Looks like the Bet And Win acquisition of Ongame has been effected:


    BETandWIN.com Interactive Entertainment AG (VSE: BWIN) announced
    today that it has entered into a Share Purchase Agreement ("SPA") for
    the acquisition of 100% of the shares in Ongame e-solutions AB
    ("Ongame"). Ongame owns and operates, amongst other sites, one of the
    worlds leading poker websites, PokerRoom.com, and runs one of the
    fastest growing and most liquid poker networks as a B2B service

    As of 30 November 2005, Ongame had more than five million registered
    customers and in Q3 2005 more than 260,000 active real money players
    in its poker network, making it one of the largest worldwide. Last
    year net sales grew by approximately 253% with an operating margin of
    approximately 33%. More than 76% of Ongames net revenue is derived
    from poker games on its proprietarily owned sites PokerRoom.com,
    HoldemPoker.com and EuroPoker.com.

    Completion of the transaction is expected to take place within the
    first four months of 2006 and is conditional upon satisfaction of
    various conditions precedent, among them approval from betandwins
    supervisory board, various regulatory approvals, merger control
    clearances, satisfactory completion of a fundraising to finance the
    acquisition, and Ongame achieving net revenues in 2005 of not less
    than EUR 88.2 (USD 105) million and an EBITDA of not less than EUR
    25.2 (USD 30) million.

    The total consideration for 100% of Ongame will be calculated by
    using a contractually agreed multiple of 5.37 of Ongames net
    revenues in 2005 and is therefore expected to amount to at least EUR
    473.6 million.

    The consideration will be payable as follows:

    40% in betandwin stock at an issue price of EUR 65.19 (average closing
    price during the 30 trading days prior to the announcement of 9 December 2005)
    with customary lock-up provisions of whereby no consideration shares can be sold
    within 6 months of the closing of the acquisition, with further restrictions
    limiting the volume of shares that may be sold in the market place for up to a
    further 18 months.
    45% in cash to be raised from different sources the company is currently
    reviewing, including equity.
    15% of the consideration will be retained by betandwin as a deferred
    contingent payment. This payment may be deferred until Q1 2009 and the final
    amount is subject to adjustment depending on certain financial criteria in 2006.
    Norbert Teufelberger, Co-CEO of betandwin, commented the transaction: "The
    acquisition of Ongame significantly advances betandwins ambition to be a
    leading global provider of online gaming by combining the two companys
    excellent platforms. The transaction is expected to be earnings accretive from
    the first year of consolidation. The acquisition enables us to establish
    betandwin as a one-stop, global gaming and sports betting brand significantly
    earlier than either company could deliver independently. The opportunity to
    introduce new products to each companys player base, through cross selling and
    new product introductions, as and when regulation and systems allow, will be of
    significant benefit to both customers and shareholders."
    Major strategic advantages of the combined entity are:
    Control of its IT development - best of breed IT systems. betandwins
    proprietary sports betting platform combined with Ongames in-house developed
    poker and casino system.
    Complementary regional focus. betandwin is a leader of online gaming in
    Continental Europe and Ongame is one of the leaders in online poker in the US
    and Canada.
    Excellent cross selling potential. There are significant opportunities
    to introduce existing products from both betandwin and Ongame to the others
    customer base. Post completion of the acquisition these opportunities will be
    subject to detailed further business planning.
    Addition of excellent management team. Ongame brings with it an
    experienced management, adding depth and specialist poker expertise to
    Manfred Bodner, Co-CEO of betandwin said,

    "Operationally, we will initially run Ongame and betandwin with their
    existing management teams. We will of course quickly address how to
    best harmonise our combined marketing efforts whilst we study how
    most efficiently to combine our human and technical resources. We are
    delighted that Patrik Selin, CEO of Ongame, and his management team
    will join our team in order to make our vision, to build a leading
    global online gaming player, come true."

    "We are happy to join a group that has demonstrated its capability to
    successfully grow and diversify its proven business model", says
    Patrik Selin. "Together we will have an increased capacity to further
    develop our leading positions in sports betting and poker, and expand
    our offerings, including our poker network, to third parties while
    launching global campaigns for our proprietary brands."

    betandwin is advised by Dresdner Kleinwort Wasserstein on various
    aspects of the transaction.

    Ongame is advised by HSBC Bank plc.

    Further announcements in respect of the above transaction will be
    made when appropriate.

    end of announcement euro adhoc 16.12.2005 08:00:00

    ots Originaltext: BETandWIN.com Interactive Entertainment AG
    Im Internet recherchierbar: You must register/login in order to see the link.

    Further inquiry note:
    Konrad Sveceny
    Investor Relations
    Interactive Entertainment AG
    Brsegasse 11/Top floor, A-1010
    Vienna Phone: +43-1-585 60 44-2208
    You must register/login in order to see the link.

    Branche: Casinos & Gambling
    ISIN: AT0000767553
    WKN: 936172
    Index: ATX, Prime.market
    Brsen: Wiener Brse AG / official dealing
  2. Dec 16, 2005
  3. dominique

    dominique Dormant account

    The Boonies
    Looks like Europe is going to become a very major worldwide player before long....
  4. Dec 16, 2005
  5. amandajm

    amandajm Experienced Member

    Can you say save my finger?
  6. Dec 16, 2005
  7. mary

    mary Dormant account

    Keep in mind that it's not a done deal: there's conditions.

  8. Jan 2, 2006
  9. amandajm

    amandajm Experienced Member

    I don't think savemyfinger.com is responsible minded and I have seen nothing from the main players in the industry about it atall in a fortnight. Hiding aff links does not fool everyone.

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