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| New E-Gaming Giant Set For Gibraltar Move |
by Amanda Banks, Tax-News.com, London
Thursday, March 24, 2011
E-gaming companies, PartyGaming and bwin have received shareholder approval
to merge to create the world’s largest listed online gaming business,
based in Gibraltar. Subject to approval from the Gibraltar Supreme
Court, the merger is expected to be completed on March 31, 2011.
Under the proposed merger, the assets and liabilities of bwin will be transferred
to PartyGaming thereby forming a Societas Europaea (European joint stock company)
incorporated in Gibraltar. Upon completion of the proposed merger, Bwin shares
will be de-listed from the Vienna Stock Exchange and the shares in the combined
entity will be listed exclusively on the London Stock Exchange.
Following the approval of the merger in Germany by the Federal Cartel Office
and in Austria by the Federal Competition Authority, bwin has now also received
anti-trust approval from the relevant authorities in Romania.
Bwin co-Chief Executive Officer, Norbert Teufelberger and his counterpart at
Party Gaming, Jim Ryan will continue to jointly hold their posts. Other key
management positions will be occupied by the existing senior management of both
companies.
Commenting, Teufelberger stated: "This business combination makes great
strategic, operational and financial sense. We will be in pole position to capitalize
on the wealth of opportunities that will flow from the continued evolution and
expansion of the global online gaming industry."
On behalf of PartyGaming, Ryan added: “This is a transformational opportunity
for both our companies to create the world’s largest listed online gaming
business. With market-leading positions in poker, sports betting, casino and
games (in particular bingo), the enlarged group will have a winning formula
to exploit the growing online gaming market, supported by a strong balance sheet,
significant cashflow generation and a highly experienced management team.”
A comprehensive report in our Intelligence Report series
using the experiences of a fictional company, Peyton Media Group, and its 'dotcom'
spin-off, PayTechPublishing ('PayTech'), the Lowtax Gibraltar Report sets out
to analyse the suitability of Gibraltar as an e-commerce location. The Report
will be useful to every company considering the switch to e-commerce, and uncertain
whether or not to 'go offshore'. The Report is available in the Lowtax Library
at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report12.asp
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