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 A leader in the French Sportsbetting and online gaming industry, Mangas Gaming, today announced that the company is buying 60% of GigaMedia Ltd's online gambling software business including the popular Everest Poker site for over $100 million. The company currently owns the popular internet sportsbetting site, Betclic.
Mangas Gaming will receive 60% ownership of Everest Gaming, with the remaining 40% staying with its current owners, GigaMedia, who are currently listed on the NASDAQ stock exchange. The shares of GigaMedia have shown a recent spike of 11% in premarket trading.
Once this deal is complete, Mangas Gaming which is part of the Love Group and the Societe des Bains Mer de Monaco, will become one of Europe's top three online gaming companies in all of Europe.
Mangas Gaming will own Betclic and Everest Poker, along with Expekt and Bet-At-Home, which diversifies their online gaming market substantially and will complete the portfolio of online gaming choices with online poker, casino and sportsbetting.
Isabelle Parize, CEO of Mangas Gaming, is very pleased to be welcoming Everest Poker to the company profile. "We are very proud that Everest is joining our group," proclaimed Parize.
"It is a great company; it is a brand with an outstanding awareness in the world of poker, well known for its know-how, its platform reliability and its strict policies. Mangas Gaming is reinforcing its position as a major European player in both the online poker and sports betting."
Mangas Gaming is a well qualified company to take on part ownership of Everest as they have more than 4 million customers in more than 25 countries and employs over 600 workers.
Arthur Wang, CEO of GigaMedia, said, "We were looking for a reference partner with complementary activities to ours. Our strategy to participate in the growth of this innovative and dynamic industry in Europe. We are glad to do it alongside the French leading sports betting and online gaming group."
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