Mangas to Buy Everest Poker
Written by Roger S | Sunday, December 20th, 2009
Rumors and speculations of mergers within the poker industry have been flying this week but one has finally been confirmed. Yesterday, Mangas Gaming and Everest Poker announced a purchase deal through a press announcement that will ultimately see players on Mangas Gaming’s sites shifted to the popular Everest Poker website.
The press releases stated that Mangas will be purchasing 60% of Everest Gaming, with the other 40% remaining with the owner of the company, Gigamedia.
“We are very proud that Everest is joining our group,” said the Chief Executive of Mangas Gaming, Isabelle 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.”
The deal is reportedly worth over $100 million, and it is believed that Mangas will pay Everest the majority of the cash upfront for the 60% in the company.
The deal will be finalized in 2010 and final payment will be made after an official assessment of Everest Poker in 2012. The deal also states that Gigamedia will be allowed to purchase Everest Gaming back from Mangas in 2013 if it so wishes.
The deal promises to be a good one for both parties, especially with their mutual focus on the French market. Everest recently signed on two French poker professionals (Frabice Soulier and Antoine Saout) and has been pushing its product in the French market.
The French based Mangas owns and operates sites such as Bet At Home, Expekt and BetClic and also has a strong presence in the French gaming market.
“We were looking for a reference partner with complementary activities to ours. Our strategy is 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,” said Arthur Wang, the Chief Executive Officer of GigaMedia.
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· Written by Roger S · Filed Under Poker News · Comments Off
