PartyGaming has outbid Gamynia for the World Poker Tour Enterprises (WPTE) and the majority of its substantial assets.
Consequently, the WPTE will pass on its ‘television library, intellectual property rights, and brand names’, to the Party organisation, according to Pokernewsdaily.com.
The $12.3 million bid dwarfed the $9.1 million offered by Gamynia Limited, however the WPTE will have to make a $1 million termination pay-out to the latter. The deal isn’t clinched yet however, with either side able to opt out until Feb 24th 2010. The deal must also be given the seal of approval by WPTE shareholders.
WPTE Founder, President, and CEO 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’.
PartyGaming is the parent company of PartyPoker, one of the largest online poker networks. Despite the loss of its US custom, it remains the 4th biggest network, behind PokerStars, Full Tilt Poker and iPoker. PartyGaming has positioned itself to re-embrace the US market, should the Unlawful Internet Gambling Enforcement Act (UIGEA) be overturned. PartyPoker recently signed WPT commentator and Poker Hall of Fame nominee Mike Sexton as its ambassador.