• BETandWIN announced the acquisition of Ongame

Stockholm and Vienna, December 16, 2005 - BETandWIN.com Interactive Entertainment AG (VSE: BWIN) announced today that it has entered into a Share Purchase Agreement (“SPA”) for the acquisition of 100% of the shares in Ongame e-solutions AB (“Ongame”). Ongame owns and operates, amongst other sites, one of the world’s leading poker websites, PokerRoom.com, and runs one of the fastest growing and most liquid poker networks as a B2B service provider. As of 30 November 2005, Ongame had more than five million registered customers and in Q3 2005 more than 260.000 real money players in its poker network, making it one of the largest worldwide. Last year sales grew by approximately 253% with an operating margin of approximately 33%. More than 76% of Ongame’s revenue is derived from poker games on its proprietarily owned sites PokerRoom.com, HoldemPoker.com and EuroPoker.com. Completion of the transaction is expected to take place within the first four months of 2006 and is conditional upon satisfaction of various conditions precedent, among them approval from BWIN’s supervisory board, various regulatory approvals, merger control clearances, satisfactory completion of a fundraising to finance the acquisition, and Ongame achieving net revenues in 2005 of not less than EUR 88.19 (USD 105.0) million and an EBITDA of not less than EUR 25.2 (USD 30.0) million. The total consideration for 100% of Ongame (Enterprise Value) will be calculated by using a contractually agreed multiple of 5.37 of Ongame’s net revenues in 2005 and is therefore expected to amount to at least EUR 473.6 million.

> Read the full story here Source: Press Release

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