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BetandWin Snags Ongame
21st of March 2006
Ongame e-Solutions, a Swedish online poker software company, was recently acquired by a European sports betting giant, BetandWin, which is based in Australia. The Australian company paid over six hundred million dollars US to close the deal, which met all BetandWin conditions, allowing the board to sign off on the deal, according to a company statement.
The market share of BetandWin should go up significantly regarding the poker industry with the big purchase, the Ongame shareholders will see a profit from the deal, as they are being paid 5.37 times 2005 earnings, after customer bonus. The sale price will be paid 40% in shares, and two cash payments for the rest.
Ongame is the power behind the Ongame Poker Network, which has many poker skin sites, including one of the big Internet contenders, Pokerroom.com.
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