Bwin Confirm Gioco Digitale Acquisition

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Bwin has confirmed that it has acquired 100% of shares in Italian poker company, Gioco Digitale. As a result of the acquisition, bwin will become the leader in Continental Europe’s online gaming market.

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In a press release made public this morning detailing the deal, bwin announced that it will initially acquire Gioco Digitale for 25 million euros plus a further 20 million to be paid when Gioco Digitale’s audited accounts for 2009 are presented. A further 5 million euros will be payable in cash 19 months after the close of the deal subject to the achievement of financial performance targets throughout 2009.

Bwin will receive a total consideration of 2.3 million bwin shares and up to 50 million euros in cash. This totals the deal at up to 115 million euros as each share had a worth of 28.30 euros on Friday.

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