22nd Jun 2015 06:12
LONDON (Alliance News) - Bwin.Party Digital Entertainment PLC on Monday said it has agreed to sell its entire interest in World Poker Tour to Ourgame International Holdings for USD35 million in cash.
FTSE 250-listed Bwin.Party said it will continue to sponsor a number of World Poker Tour events and television shows in the US and Europe until the end of December 2016, and will have first refusal on any sponsorship opportunities that could become available until the end of December 2016.
Ourgame is a Hong Kong-based social gaming company, Bwin.Party said.
"Over the past six years we have built WPT into a global franchise, with tournaments and TV deals in many countries including Asia where poker remains a popular and growing sport. However, consistent with our strategy of divesting our non-core assets, we believe that now is the right time to release that value for shareholders so that we can focus our efforts on our core real money gaming and technology business," said Bwin.Party Chief Financial Officer Martin Weigold.
By Sam Unsted; [email protected]; @SamUAtAlliance
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