PokerHaeven and Poker Channel parent company Gaming Media Group (GMG) has acquired 49% of Bulgarian poker affiliate site Igrach.com, and also signed a distribution deal for the Poker Channel in that country.
The performance-related deal for Igrach.com, which according to GMG is the largest poker affiliate site in Bulgaria, values the business at between €1.5m and €1.9m, with an option to buy the remaining 51% at a later date.
GMG will fund the transaction using a combination of cash and services, including provision of infrastructure and marketing resources.
The Igrach.com affiliate business will be integrated with GMG’s existing online affiliate business, PokerChannelEurope.com. The managing director of the Poker Channel, Chris White, will manage the company’s new Bulgarian investment.
In conjunction with the deal, GMG announced that the Poker Channel had agreed terms with local cable operator Megalan to carry the Channel in its digital basic package, with other major operators in the pipeline for the first quarter of 2010.
GMG chief executive Crispin Nieboer said the acquisition a great first step in its strategy of expanding its online affiliate business by making acquisitions in high-growth markets. Nieboer said: “Igrach.com has succeeded in building a valuable share of the online poker community in a territory that is experiencing significant growth. Through our TV exposure in Bulgaria, and by providing investment and infrastructure, we will help drive Igrach.com’s further growth in Bulgaria and adjacent territories.”