Leading online betting and gaming provider Bwin Interactive Entertainment AG and Gibraltar-based operator PartyGaming have released a joint statement regarding their ongoing merger and have confirmed that the process is ‘on track’.
The two firms announced at the end of July that they would be merging to create the world’s largest listed online gambling company and realise annualised synergies of around €55 million.
However, they stated late last week that they had ‘become aware of some speculation in the market’ regarding the slow speed of the merger and revealed that they expect the process to be completed by the first quarter of 2011.
The proposed agreement would see the assets and liabilities of Bwin transferred to PartyGaming to create a European joint stock company incorporated in Gibraltar. Jim Ryan, Chief Executive Officer for PartyGaming, is set to serve alongside Norbert Teufelberger, Co-Chief Executive Officer for Bwin, as Co-Chief Executive Officers for the new business with Bwin shareholders receiving 12.23 new PartyGaming shares for each share that they hold in the Austrian firm.