Update: PartyGaming Ponies Up and Bids for the WPT
Just hours after I published my last blog speculating that one of the big boys came and snatched WPT away from Gamynia, it was announced that PartyGaming has officially made the acquisition. While I didn’t mention Party in my last blog, it fits in perfectly with the two strategic reasons that a large off-shore operator would be interested: pick up a powerful advertising medium in WPT’s TV distribution. and to provide a shell to help insure that the acquirer will have a chance at obtaining a license in a regulated environment.
Through a subsidiary, PartyGaming is acquiring WPT and is paying $12.3 million and 5% of future revenues. Gamynia was offer $9.1 million and 5%. The deal still needs to be finalized by share holders and becomes void February 24, 2010.
