Monday June 22,2015 : BWIN.PARTY SELLS WORLD POKER TOUR FOR $35 MILLION
Hong Kong based Ourgame International set to acquire franchise.
News breaking over the weekend is that Bwin.Party Digital Entertainment has agreed to sell its World Poker Tour franchise lock, stock and barrel to former WPT licensee Ourgame International Holdings in a cash deal worth $35 million.
Ourgame is a Cayman Islands incorporated, Hong Kong-based company which has been a WPT licensee in China for the past three years. The company is also involved in online card and board game development, and is listed on the Hong Kong Stock Exchange.
The sale represents a profit for Bwin.Party, which acquired the WPT 6 years ago for $12.3 million, although the sale announcement notes that last year the company recorded a loss of $7.6 million.
Ourgame CEO Frank Ng said in the announcement that the World Poker Tour was one of the world's greatest brands, and under his company's ownership it will be expanded , "…bringing poker and gaming entertainment to cities and homes around the world via television broadcasts, mobile devices, card tables, and more.”
He added that the acquisition would help his company evolve into a global online entertainment group, and that cost savings will be achieved through measures that include staff rationalisation, expense curtailment measures and the elimination of Ourgame royalty obligations to WPT.
Describing Ourgame as "a high growth company fully invested in the sport of poker," WPT chief executive Adam Pliska said he looked forward to working as a fully integrated member of the Ourgame group.
The World Poker Tour currently offers over 70 main tour, WPT Alpha8, WPT National and WPTDeepStacks events across North America, Europe and Asia, and has major partnerships with global companies like Monster Headphones, Hublot, DraftKings, Skrill, FIAT and Royal Caribbean International.
Details of the transaction here: http://iis.aastocks.com/20150622/002236164-0.PDF