Monday, August 03, 2009

World Poker Tour Sold, Will Start Online Poker Site

WPT Enterprises announced today that Gamynia Limited agreed to acquire the Company's assets, other than cash and investments, for $9,075,000 plus a percentage of future revenues. The World Poker Tour will continue its operations and will enter the online gambling market (a market they have previously failed in). Gamynia has a contract with Hardway Investments, a major player in the non-US online gambling market, to operate the assets. Hardway's sites include Titan Poker and Casino Tropez, and operate on Playtech software (which powers the iPoker Network).

The sale should be completed in the fourth quarter, after which WPT Enterprises intends to purchase a non-poker business.

See also the SEC filing regarding the transaction and our previous coverage of the WPT's potential sale.

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Posted by Self Made at Monday, August 03, 2009
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4 comments:

  1. I'm assuming that Gamynia is Hardway, so this transaction is essentially Titan Poker buying the WPT.
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  2. I added a link to the SEC filing for those that want all the details.
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  3. Funny clause in the sale agreement:
    7.12. INVITATIONAL SEATS. Commencing on the Closing Date, on a going-forward basis thereafter without expiration, Seller shall be entitled to receive, and Buyer shall provide to Seller, six (6) invitational seats per year for the WPT Celebrity Invitational, or, if such event is not held in a given year, a substantially similar event during such year.
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  4. WPT Enterprises received another bid for the company: "The Company’s Board of Directors has received an alternative acquisition proposal and is following the process required by the Purchase Agreement." If WPT Enterprises recommends the new bid they will be liable for a $1 million termination fee. Gamynia does have the right to make a counter offer. Sections 6.2.4 and 10 of the Purchase Agreement deal with competitive bids and termination.
    ReplyDelete

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