According to reports in the UK newspaper, The Times two well established and substantial online gambling companies may currently be in discussions. Gibraltar-based Party Gaming plc and the Nasdaq listed GigaMedia group are named in the report, which notes that earlier this month Gigamedia flagged an interest in selling or merging.
The Times article reveals that Gigamedia, which has a market value of $363 million (GBP 246 million), may have hired Goldman Sachs, the investment bank, to find a buyer for the whole company or simply its respected Everest Gaming and Everest Poker brands.
Party Gaming, which this month settled a $105 million legal dispute with the US Department of Justice (DoJ), is among a small number of parties thought to be negotiating with Gigamedia. PartyGaming has noted in the past that one of the advantages of putting the threat of US prosecution behind it is the enhanced ability to engage in M&A and capital raising activities.
When approached on the news, Party Gaming, which is said to be eyeing a number of possible deals, declined to comment on the Gigamedia talks, although a spokesman said: “We have made it very clear we believe the industry will consolidate and we will look at opportunities as and when they arise.”
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