We have made history today, and will revolutionize the world of online entertainment as a result of this move, added Teufelberger. This marriage with PartyGaming will be the next milestone in the successful history of bwin."
"These two companies are a perfect match. Not only shall we have the first full-house for sports betting, poker, casino and games, together we shall be Number One with respect to product portfolio, technology, development, marketing and customers, underscores bwin Co-CEO Manfred Bodner.
"The timing of this merger is optimal, as the industry is currently going through a phase of consolidation, and size does indeed matter, according to Teufelberger. Europe and the USA are well on the way to regulation. "One can achieve more as the market and technology leader, thus assuring our future, added Teufelberger.
55 million Euros in synergies
The merger is expected to generate synergies totalling 55 million Euros. However, these will not only be cost synergies: on the contrary, the merger will result in synergies of opportunity, marketing and revenue.
Headquarters to be established in Gibraltar
bwin shareholders will receive 51.6 %, and PartyGaming shareholders 48.4 5 of the new company. Its headquarters will be established in Gibraltar. bwin's business locations in Vienna and Stockholm are not under discussion. The new company will be listed on the London Stock Exchange, and will probably be included in the FTSE 100 index.
International bwin brand to be retained
The two successful bwin and PartyGaming brands will be retained. The new company will be headed by the two Co-CEOs Norbert Teufelberger and Jim Ryan. Norbert Teufelberger was previously Co-CEO with bwin, Jim Ryan CEO with PartyGaming. bwin Co-CEO Manfred will be moving to the Supervisory Board of the new company, and will be responsible for brand integration and strategic sales topics.