• Isai Scheinberg plans great exit for PokerStars

The Scheinberg family owns 75% of the online gaming company, which may be sold for $2 billion January 4, 2006 - The Scheinberg family, which controls the world’s second largest online gaming site, PokerStars, is about to make one of the largest exits, if not the largest ever, by Israeli businesspeople. “The Times” reports that PokerStars founder Isai Scheinberg is “understood to have appointed NM Rothschild, the City merchant bank, to sell or float PokerStars at a price of more than $2 billion (£1.2 billion).” Although a flotation of PokerStars is possible, the Scheinberg family probably prefers selling the company. “The Times” writes, “City analysts believe the huge growth in internet gambling is likely to make PokerStars attractive to both virtual and physical rivals.” “The Times” says one potential merger partner of PokerStars is 888 Holding plc (LSE:888), the world’s largest online gambling company, controlled by the Shaked and Ben-Yitzhak families. 888 Holding declined to comment. “The Times” says, “Some City analysts believe that the sale of PokerStars may also attract interest from traditional gambling companies, such as Rank Group plc (LSE:RNK) and William Hill plc (LSE:WMH), keen to boost their presence in the online sector.” PokerStars operates the world’s second larges online gambling site, after PartyGaming plc (LSE:PRTY), and ahead of PokerRoom (third place) and 888’s Pacific Poker (fourth place). “The Times” says, “It is understood that Mr. Scheinberg and his family own about 75% of PokerStars. The employees own most of the other 25%.” In other words, the Scheinberg family can expect to make $1.5 billion in cash or shares, depending on the structure of the sale or IPO. “The Times” says Isai Scheinberg formerly worked as a senior programmer for IBM. Sources inform ''Globes'' that he worked for IBM’s Canadian subsidiary and the he and his family reside in Canada. Isai Scheinberg has two sons, who manage the company with him. Isai Scheinberg founded PokerStars in 1999, and was considered a pioneer in online poker. The company reportedly has a turnover of $150-200 million a year, and has a high net profit margin, amounting to almost half its revenue.

> Read the full story here Source: Globes.co.il

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