888's CEO has told Reuters about his company's plans for when they complete their stunning £898 million, revealing some interesting details about the merger.
888 will reportedly issue new shares of its company in order to take over Bwin, with 888 holding 51.1% of the company and Bwin holding 48.9%, this according to 888 CEO Brian Mattingley. The two firms will merge their poker operations to create a mega-firm that Mattingley hopes will be able to strongly compete with Amaya owned PokerStars and Full Tilt.
Other interesting tidbits revealed by Mattingley were:
The 888/Bwin merger will see the groups' collective US operations controlled by 888, giving the market a strong and condensed operator as the territory expands to allow for more betting.
Bwin's current CEO Norbert Teufelberger will step down as part of the deal, but will stay on as a consultant once the merger is finished.
The deal will result in 888's earnings being boosted in the first year in which it is completed.
Casino Listings will update this story as more developments arise.