The Swedish online poker software outfit known as Ongame e-Solutions has been acquired recently by BetandWin, the European sports betting colossus based down under. The deal, where the Australian company put up over six hundred million dollars US, met all the conditions BetandWin put forth, and the board happily signed off, according to a recent company statement.
The move is intended to significantly increase the market share of BetandWin in the poker charged Internet atmosphere. The Ongame shareholders are making out fairly well to boot, being paid 5.37 times 2005 earnings, less customer bonus. The huge deal will be paid 40% in shares, and the balance in two cash payments.
For those looking for a 'real world' face to put to this transaction, Ongame is the power behind the Ongame Poker Network, and one of the large skin site that uses the network is Pokerroom.com.
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