Party Gaming Buys Empire Online
PartyGaming’s deal to buy online gaming site Empire Online is complete. The site also bought Intercontinental Online Gaming.
PartyGaming estimates the acquisitions will generate $8.5 million worth of revenue in 2007. The deal for both companies represents $66.3 million in PartyGaming shares.
Empire Online is now completely out of the gaming business. The company announced yesterday that it will become an investment house once the sale is complete. The sale of Empire to PartyGaming depends on Empire shareholder approval, but the transaction is expected to be complete by Jan. 19.
Intercontinental Online operated eight sites, including Magic Box Casino, Casino King, Swiss Casino, and Sunshine Bingo. Empire’s biggest site was Noble Poker.
Shares of PartyGaming stayed almost the same on the London Stock Exchange after the announcement at 31.25 pence, while shares of Empire Online rose slightly from 42 pence yesterday to 44 today.