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| | | April 30 - Now that UK gambling operators, Party Gaming has finally put the outstanding matter with the US authorities behind it - at a cost of $105 million - the company is on the lookout for new areas to branch into.
It therefore comes as no surprise that the latest rumors on the internet concern the fact that Party Gaming is eyeing a possible partnership deal with one of its rivals, GigaMedia.
Party Gaming has made no secret of the fact that it is on the lookout for new business partnerships. It was only recently that a company spokesman said: "We have made it very clear we believe the industry will consolidate and we will look at opportunities as and when they arise."
With expansion now becoming one of Party Gaming's newest priorities, it may be any day now that we hear of a deal between the Gibraltar based company and GigaMedia.
According to the industry grapevine, GigaMedia has ordered the Goldman Sachs investment group to put out its feelers to find it a buyer.
With a value of over $335 million, the potential buyer would need to have the cash and the clout to purchase such a huge enterprise that incorporates, among other sites, the hugely popular Everest Poker room.
The company earned a profit of around $12 million last year.
The path to a partnership or merger deal may not all be smooth sailing. Specifically, some of the company's shareholders may not be keen to partner with a company that is listed on the London Stock Exchange.
In the past two years, a number of potential partnerships have fallen through as companies feared the charges brought against Party Gaming by the US Department of Justice.
| Related Articles:
| - Party Gaming Revenues Drop - 04-25-09
- New White Label Deal for Game Account - 04-19-09
- Atlantic City Gambling Shows Record Decline - 04-14-09
- Party Gaming to Sponsor Charity Soccer Game - 04-11-09
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| | 4/30/2009 6:11:16 AM |
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