PartyGaming Set To Purchase World Poker Tour

25-10-2009

August 25, 2009 -- PartyGaming Plc, a British online gaming company, announced today that they will be purchasing World Poker Tour (WPT Enterprises Inc.) for $12.3 million dollars cash.

Following the announcement, PartyGaming commented that they will be paying at least $3 million to WTP's vendors in an ongoing revenue share agreement.

This deal marks the first major U.S. acquisition for PartyGaming in their newly established plans of making major market purchases, following the settlement with U.S. authorities earlier this year. PartyGaming's bid beat out rival internet gaming company 888, who was also hoping to acquire World Poker Tour.

The deal is expected to be completed in late 2009.