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 PartyGaming and Bwin shareholders have approved a merger of the two companies. Bwin shareholders gave unanimous approval of the proposal and later the same day PartyGaming shareholders approved the merger with 99.4% of the votes.
After the separate meetings the shareholders of the two companies released a joint statement saying, "Today's shareholder meetings were a key milestone in the overall process, putting the transformational merger of our two companies well on the way to completion. We are delighted that both sets of shareholders have overwhelmingly recognized the strategic, operational and financial benefits of creating the world's largest listed online gaming company."
A potential merger between the two companies was first announced on July 29th, 2010 and it has been six months in the making. The new company will be named bwin.party Digital Entertainment Plc and Jim Ryan and Norbert Teufelberger will be the co-CEOs of the merged entity. Current Bwin shareholders will hold 51.6% of the shares of the new company and PartyGaming shareholders will hold 48.4%. Both brands will continue to operate independently and the merger should not affect regular game play.
The merger is expected to produce synergetic savings of approximately €55 million per year and net revenues of close to €700 million so it's no surprise the companies have decided to team up. The companies are currently looking into even more ways to save money by creating a joint innovation laboratory to develop new products and by exploring further acquisitions. The new company is expected to be a powerhouse and we certainly look forward to seeing what they have in store for us.
As always, stay tuned to Casinofan for more news and updates.
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