Monday July 30,2012 : BETCLIC EVEREST COMPLETES EVEREST GAMING TAKEOVER (Update)
GigaMedia offloads remaining 33.33 percent of Everest Gaming
Betclic Everest Group has reportedly acquired the remaining 33.33 percent of Giga Medias Everest Gaming for an undisclosed but nominal fee said French newspaper La Tribune.
BetClic – co owned by Societe des Bains de Mer and Lov Group headed by Stéphane Courbit – acquired a 66.66 percent majority share in the business three years ago for $100 Million from GigaMedia and has since carried 40 percent of the losses in Everest Gaming which amounted to a hefty $46 Million in the 2011 fiscal year.
BEG itself is said to be facing difficulties with reported losses of Euro 145 Million over two years for a global turnover of around Euro 300 Million in 2011, down 31 percent from the previous year. The company has since undergone an extensive restructuring process, and says it is confident in meeting profit targets for its 2012 fiscal year.
Ignacio Martos, chief executive officer of BEG, said: "With this operation, BetClic Everest Group confirms its ambition to be a key player at European level in the poker industry as in the sports betting sector. The reorganization and rationalization of our business continues by sharing costs, making player synergies, partnering to better serve our players. "
BEG's Everest Poker will continue to operate on its proprietary technology and has no intention of merging with other poker sites or joining a network, Martos added.