In a deal that the Entraction online poker network describes as a transition to being solely a supplier of products and services for internet gaming, the Entraction subsidiary Casagaming Limited has signed a Letter of Intent to sell its operations to iGame Ltd. The new owner of the Casagaming operates the successful gaming site Pokerihuone.com on Entraction's network.
Assets in the Casagaming portfolio include 24hPoker.com and Martinspoker.com, together with domains, customer registry and brands. The valuation of the assets is Euro 4.5 million, of which Entraction's share is Euro 2 565 000. Euro 285 000 of that amount is an earn-out to be paid out on 31 July 2010, provided that certain conditions are met.
Peter Åström, CEO of Entraction said: "The selling of the Casagaming operations is a milestone for Entraction and enables us to focus 100 percent on our supplier operation. In a time when many of our competitors are doing the opposite and have started to mix the roles of operator and supplier, Entraction's focus makes us both more attractive to new partners and more transparent to investors. I am certain that iGame Ltd will continue to successfully operate the sites on our network".