Amaya announced acquisition of Ongame Network

Amaya has agreed to acquire Ongame for a cash consideration of 15 million euros on a cash-free and debt-free basis, which will be funded through its existing cash reserves.  Additional contingent consideration of up to 10 million euros will become payable by Amaya Gaming if there is regulated online gaming in the United States within five years of completion of the acquisition. The exact amount of the contingent consideration will depend upon the extent of the regulation based upon the number of states that regulate and the total population covered.

Ongame is one of the world’s largest B2B poker providers. The global network includes 25 of the gaming industry’s strongest brands that are owned by a total of 19 operators in regulated jurisdictions. It also operates regional networks in France and Italy. Ongame offers both operators and their players a wide variety of cash games and tournaments to choose from. Further information about Ongame can be found at www.ongame.com.

“The acquisition of Ongame bolsters Amaya Gaming’s product portfolio, transforming Amaya into a leading provider of gaming platforms,” said David Baazov, CEO of Amaya Gaming. Amaya looks forward to unleashing Ongame’s technology to its full potential through the leveraging of our many B2B relationships and delivering new partners and players to the network. The Ongame platform is scalable, proven and secure and is well suited for quick deployment in new regulated markets. “We’re excited about the wide range of opportunities this acquisition makes possible for us as we execute on our vision.”

Commenting on the announcement, Jim Ryan and Norbert Teufelberger, the Co CEOs of bwin.party, said: “The sale of Ongame conforms to our strategy, especially as we move closer to launching our single, proprietary technology platform in the next few months. We believe Ongame will fit well into Amaya Gaming and has an excellent future ahead.”