WPT sold to PartyGaming for $12.3 million

WPT Enterprises has announced that PartyGaming will be its new buyer after offering $12.3 million for the company. $1 million will be paid to Gamynia Limited to cancel their earlier deal.

After backing out of its earlier deal Gamynia Limited, World Poker Tour Enterprises has announced that it will be acquired by Peerless Media Limited, a subsidiary of PartyGaming. This new deal will be for $12.3 million and a 5% share of all future gaming revenues.

As a part of the deal, a $1 million cash advance will be used to pay off Gamynia Limited after their deal was cancelled. The deal will cover WPTE's television library, intellectual property rights and the rights to the WPT, Professional Poker Tour (PPT) and all other brand names.

A financially superior acquisition

In a press released, WPT Founder, CEO and President Steve Lipscomb commented: "The Board of Directors has determined that PartyGaming’s acquisition
proposal is financially superior and we look forward to working with
one of the pioneers and leaders in the poker and online gaming markets
to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming."

The sale is currently awaiting the approval of WPTE's shareholders. In their filing with the SEC, the company said that investors holding 39% of the company's shares have agreed to vote in favour of the sale.