London, 29th July 2010

PartyGaming and Bwin have announced that the deal between the Austrian-based Bwin and Gibraltar-based PartyGaming has fnally been completed.

The merger is expected to be completed by the first quarter of 2011 will create the largest publicly traded online gaming conglomerate in the industry.

The new group will be headquartered in Gibraltar, where PartyGaming is currently based and the new company created will be listed at the London Stock Exchange.

The combined PartyGaming/bwin company will be the largest publicly traded online gaming organization in the industry, with the duo’s net worth nearly €3.4 billion (approximately $4 billion U. S.) The proposed merger will see bwin take a 51.64% share of the new company, with its stockholders receiving 12.23 shares of PartyGaming for each share of bwin that is owned.

The leadership of the new company will be co-held by the current PartyGaming chief, Jim Ryan, and Norbert Teufelberger, the Co-Chief Executive Officer of bwin.

The shares of the 2 companies reached a 3 months high, hours after the announcement was made. By the end of the trading day, PartyGaming registered a 20.43% increase at London Stock Excange, while bwin Interactive Entertainment's shares traded at Vienna Stock Exchange went up 17.88%, settling at €42.

source: http://www.pokernewsdaily.com/