Gamynia Acquires WPTE Assets For $9 Million
The WPT Inc. has announced that Gamynia Limited has agreed to acquire the WPTE assets for $9 million. WPT President and CEO Steve Lipscomb believes this will allow WPT to reach its full potential.
While there had been rumours that bwinwas going to acquire WPT Enterprises, Inc. (WPTE) it was recently
announced that Gamynia Limited has agreed to acquire WPTE assets, with
certain assets excluded such as cash and investments. Gamynia will pay
the Company $9,075,000 as well as a percentage of future revenues
earned by Gamynia through the WPT and Professional Poker Tour (PPT)
brands.
The Company and Gamynia are expected to complete the transaction in the
fourth quarter of 2009, as they still need the shareholder's approval. The WPT and PPT brands will continue all
operations under ownership of Gamynia and will also enter the online
gaming market under the agreement. Gamynia has already secured the
services of Hardway Investments Ltd., an online gaming marketing
company which will aim towards further development of the WPT brands.
President and CEO of WPT Enterprises Steve Lipscomb commented:
"We
believe this transaction will enable the World Poker Tour to realize
its full potential across both its existing businesses and the
lucrative online gaming market. Gamynia and its partners possess highly
complementary resources which will help it invest in and effectively
integrate with the World Poker Tour efficiently and profitably."
