Amaya buys Ongame, both parties confirm the deal.

03 October 2012

As reported on egrmagazine.com, after several attempts, finally bwin.party has managed to sell Ongame Network. After two months of negotiations, the Canadian group Amaya Gaming Network has bought the network for about 25 million euros. The deal includes an upfront payment of 15 million after the signing, during the last quarter of 2012. The remaining 10 million will be paid if online gambling is legalized in the U.S. in the next five years.

Amaya Gaming CEO, David Baazov, said: "The acquisition of Ongame strengthens the product portfolio of Amaya Gaming, turning the company into a leading provider of gaming platforms. [...] The Ongame platform is scalable, proven, safe and ready to be implemented in newly regulated markets. We are excited about the many opportunities that this acquisition will make possible for us.

Meanwhile, the co-CEO of bwin.party, Jim Ryan and Norbert Teufelberger has valued highly the operation: "The sale of Ongame fits our strategy very well, especially since we are close to present our own platform in the coming months. We believe that Amaya Gaming is a good fit for Ongame and this company has a great future ahead. "

The sale of Ongame by bwin.party has been a controversial issue since the company is trying to sell it since the spring of last year. In March reached a buy-sell agreement with Shuffle Master Inc. for 19.5 million euros, but the deal ended abruptly. And in June, Zynga (the developer of Facebook games) had proposed to buy it, but the project was not completed.

Despite the sale to Amaya, the Ongame deal was not very good for bwin.party. We remind you that Patrik Selin, Ongame founder, received $475 million from the sale of the platform and database of players. However, after Black Friday Ongame devalued brutally and therefore bwin.party had to sell the technology platform for "only" 15+10 million euros.
 



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