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Land based casino equipment supplier Shuffle Master Inc. has announced that it has agreed to purchase the Ongame Poker Network from online gambling giant Bwin.Party Digital Entertainment.
The announcement of the deal comes after speculation of acquisition talks circulated for the last month. The deal is set to position Shuffle Master in the online market, offering its products and services to businesses. Currently Ongame is one of the largest online poker B2B providers. It currently services more than 25 large online gaming brands.
To complete the deal Shuffle master will pay Bwin.Party €19.5 million in cash with an additional €10 million potentially being paid out within five years of the deal's completion contingent on the legalization of online poker in the United States. Shuffle Master plans to complete the transaction with its available cash on hand or through its revolving credit facility.
Commenting on the deal, Shuffle Master CEO Gavin Isaacs said, "Our acquisition of Ongame will allow Shuffle Master to offer a scalable, proven and secure solution for online poker. Immediately upon closing the transaction, we will be able to begin leveraging all of Ongame's experience and expertise in i-gaming."
"I am confident that Ongame will fit into our ongoing interactive initiatives of delivering our brands to online gaming operators, partner web sites, social networks and mobile platforms. Poker is a natural fit for our table-centric online offerings and our many jurisdictional licenses present an opportunity for our current and future online customers."
Peter Bertilsson, Ongame's Managing Director also commented, saying "We believe that our experience and expertise in the European market is a natural fit with Shuffle Master's considerable commitment and history in developing innovative games and products for land based operators. I am confident that together, our organizations are going to be able to develop the very best in new and innovative solutions for the i-gaming market."