Bwin.party Ongame Network To Be Sold

BWIN.PARTY ONGAME NETWORK TO BE SOLD

30th June, 2011 at 07:32:13
Source: http://www.azonlinecasinos.com

Online gambling firm's trading performance in-line with expectations

bwin.party digital entertainment announced the commencement of a share buy-back programme and the sale of its Ongame network in a trading update released this week.

The company reported on its trading performance from the period beginning April 2011, which it says has largely been in-line with management expectations, with the exception of sports margins due to a favourable run of events for punters in May.

A formal process has begun to sell its Ongame B2B network and the firm expects the sale to be completed by the end of 2011.

bwin.party will also embark on a share buy-back programme of up to 75 Million from existing cash resources. A similar move undertaken by both Betfair and Playtech in recent months.

The Board has adopted a progressive dividend policy commencing with a dividend of 30 Million for the year ended 31 December 2011 and has said its merger integration is on-track to deliver 55 million of annualised synergies by 2013.

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