22 Jun 2015 07:00
22 June 2015
bwin.party digital entertainment plc
('bwin.party')
Sale of World Poker Tour® to Ourgame
The Board is pleased to announce the sale of all of its interests in World Poker Tour® to Ourgame International Holdings ('Ourgame') on a debt free/cash-free basis for US$35m, payable in cash.
Ourgame is a fast-growing Hong Kong-listed social gaming company with interests across Asia and a market capitalisation of approximately HK$5.7 billion (US$733m).
Under the terms of the transaction, bwin.party will continue to sponsor various WPT events and television shows in both the United States and Europe until 31 December 2016. In addition, bwin.party also has a right of first refusal over such additional sponsorship opportunities that may become available until 31 December 2016.
Having been acquired in September 2009 for US$12.3m, in the year to 31 December 2014, World Poker Tour reported total revenue of €10.4m and a loss at the Clean EBITDA level of €4.1m.
Commenting on today's announcement, Martin Weigold, bwin.party CFO said:
"Over the past six years we have built WPT into a global franchise, with tournaments and TV deals in many countries including Asia where poker remains a popular and growing sport. However, consistent with our strategy of divesting our non-core assets, we believe that now is the right time to release that value for shareholders so that we can focus our efforts on our core real money gaming and technology business."
Contacts:bwin.party digital entertainment plc
InvestorsPeter Reynolds +44 (0) 20 7337 0177MediaJay Dossetter +44 (0) 20 7337 0134
About World Poker Tour
Having been acquired by the Group in 2009, World Poker Tour ('WPT') is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. Leading innovation in the sport of poker since 2002, WPT ignited the global poker boom with the creation of a unique television show based on a series of high-stakes poker tournaments. WPT has broadcast globally in more than 150 countries and territories, and is currently producing its 14th season, which airs on FSN in the United States. Season XIV of WPT is sponsored by ClubWPT.com, a unique online membership site that offers inside access to the WPT, as well as a sweepstakes-based poker club available in 35 states across the United States. ClubWPT.com also sponsors Season 2 of the new WPT Alpha8 series of super-high roller poker tournaments which is currently in production and which airs on FOX Sports 1 in the United States. WPT participates in strategic brand license, partnership, and sponsorship opportunities.
In December 2014, World Poker Tour announced an alliance with Ourgame, agreeing to license products and services on an exclusive basis in more than a dozen countries across Asia. In addition, Ourgame received the rights to use the WPT logo and trademark exclusively in Butan, Cambodia, China, Hong Kong, Indonesia, Laos, Korea, Nepal, Macau, Malaysia, Taiwan, Thailand, Philippines, and Vietnam. For more information, go to WPT.com.
About Ourgame
Founded in 1998, Ourgame is China's leading internet and mobile card and board game platform. Headquartered in Beijing, Ourgame has played a significant role in enlarging China's digital entertainment market, and now boasts more than 100 million users. For three years, Ourgame has helped facilitate WPT National China at MGM Grand Sanya Resort, bringing together hundreds of social gamers with some of the biggest professional poker players in the world.