The merger of the two online gaming giants Party Gaming PLC and Bwin Interactive Entertainment was approved by the shareholders of both corporate groups on Friday. Thus, the final hurdle to a final merger of the two groups was sealed.
All nine contractual items, which regulate the modalities, the new name of the company and others, have been accepted by the respective main shareholders of Party Gaming and Bwin. The new name will be Bwin.Party Digital Entertainment PLC.
All points were discussed during the extraordinary shareholders’ meeting and, after a successful vote, it was decided that the merger will finally take place in the coming weeks.
The agreement between the two companies is valued at over $ 3.3 billion based on the two groups’ joint stake in shares. The first talks about a possible merger took place in July 2010 and have caused much speculation in the online gaming industry since it was announced. The two companies now end up insisting that Bwin shareholders receive 51.6% and Party Gaming shareholders the remaining 48.4% stake in the new company, according to a report by Reuters.
The name change to Bwin.Party Digital Entertainment PLC will be registered as soon as a court ruling that prevented the merger is no longer valid. March 31, 2011 is given as the final date.
Both Jill Ryan from Party Gaming and the current managing director of Bwin, Norbert Teufelberger, commented on the shareholder resolutions as follows:
“Today, in their meetings and with their decision, the shareholders set a milestone in the history and the merger of our two companies.”
“We are delighted that both shareholders’ meetings have overwhelmingly approved this strategically important decision to merge our two companies into one of the largest online gaming companies.”