(Adds CEO comment, analyst comment, detail.) By Simon Zekaria Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Shares in PartyGaming PLC (PRTY.LN) soared 25% Thursday after the U.K.-listed gambling group said it plans to merge with Austrian peer Bwin Interactive Entertainment AG (BWIN.VI), one of Europe's largest sports book operators. The long-expected deal, which will result in a merged entity owned 48.36% and 51.64% by PartyGaming and Bwin shareholders respectively, will create the world's largest listed online gambling business. The merged entity, which will be listed on the London Stock Exchange, will have net gaming revenue of EUR682 million and earnings before interest, taxes and amortization of EUR196 million, before synergies, PartyGaming said. It will also have annualized pretax synergies of about EUR55 million from the first year. Jim Ryan, Chief Executive of PartyGaming and Norbert Teufelberger, Co-CEO of Bwin, will jointly run the merged group as co-chief executives. Teufelberger said his Co-CEO at Bwin, Manfred Bodner, is to leave his position and become a non-executive director. Irrevocable undertakings in support of the merger have been received from shareholders currently holding 28.5% and 14.4% of PartyGaming and Bwin's existing issued share capital respectively, the group said. Ryan said the merger, which is a "transformational opportunity" for both groups, will likely result in a new publicly traded name. Bwin will be ultimately de-listed. The tie-up is expected to be "significantly earnings enhancing" for both companies pre-amortization. Ryan said the company can "exploit" its market-leading positions in poker, sports betting, casino and games. A Daniel Stewart analyst said the merger, which has clear commercial and logistical sense, has been well-forecast. "(Consolidation) has been coming for a long time now." The analyst also said the the potential opening of the U.S. online gaming market is providing a catalyst to companies in the sector with a diversified gaming offering. The financial services committee of the U.S. House of Representatives Tuesday voted through a bill to overturn the Unlawful Internet Gambling Enforcement Act. Analysts say new legislation, while not expected in the short-term, would open up the market for online operators. At 1128 GMT, shares in PartyGaming, the world's biggest listed online gaming group by market capitalization, rose 64 pence, or 25%, to 321 pence, valuing the company at GBP1.31 billion. Bwin shares were suspended at 1015 GMT, up EUR4.38, or 12%, at EUR39.9, valuing the company at EUR1.28 billion. Trading will resume at 1145 GMT, Vienna Stock Exchange has said. -By Simon Zekaria, Dow Jones Newswires; +44 207 842-9410; simon.zekaria@dowjones.com and Flemming E. Hansen, Dow Jones Newswires; +43 1 513 69 22 10; flemming.hansen@dowjones.com (END) Dow Jones Newswires July 29, 2010 07:52 ET (11:52 GMT)