Acquisition strategy underway
World Poker Tour (WPT) has acquired all the assets of WPTDeepStacks for an undisclosed consideration.
WPT formed a partnership with The DeepStacks Poker Tour mid-2014, replacing the existing WPT Regional and DeepStacks Poker Tour brands in the United States and Europe.
The growth of WPTDeepStacks since then has led to the WPTDeepStacks tour generating over $10 million in total prize pools.
"We are excited to take our relationship with the World Poker Tour to the next level," Chris Torina, executive director of WPTDeepStacks said.
"Partnering with the World Poker Tour to form WPTDeepStacks cemented the brand as poker's premier mid-major tour. We look forward to continuing to innovate, expand, and offer the most player-friendly tournaments at the world's most beautiful properties."
Under the WPT umbrella, WPTDeepStacks will be able to offer bigger and better events, expand into new regions and establish new partnerships, the company said. DeepStacks Poker Tour will, however, continue to operate events in certain regions of Canada on its own.
"WPT, bordered by the support of our parent company Ourgame, is currently looking for strategic, friendly acquisition opportunities of businesses and management teams that reflect our brand and company values," added Adam Pliska, chief executive officer of the World Poker Tour. "We feel WPTDeepStacks is a model of this initiative."
WPT's ownership and operation of the WPTDeepStacks brand begins with Season 4 of the tour which kicks off tomorrow (Thursday).
Online Casino News Courtesy of Infopowa