Bwin.Party have announced that Amaya Gaming have purchased the assets of Ongame the long since product the company have been trying to offload for some time for 25 million Euros.
Here is the full statement:
“bwin.party today announces that it has agreed to sell Ongame, its business-to-business (‘B2B’) online poker network, to Amaya Gaming Group Inc. (‘Amaya Gaming’) for a total cash consideration of up to €25.0 million.
Contingent consideration will become payable by Amaya Gaming if there is regulated online gaming in the United States within five years of completion. The exact amount of the contingent consideration will depend upon the extent of the regulation based upon the number of states that regulate and the total population covered.
The transaction is subject to the normal terms and conditions for a transaction of this type as well as certain regulatory approvals and is expected to complete during the fourth quarter of 2012. The management of Ongame will transfer with the business and the net sale proceeds will be used by bwin.party for general corporate purposes”.