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August
PartyGaming to Buy Victor Chandler
Aug 20, 2006
Speculation is mounting that PartyGaming will buy sports betting
and online casino firm Victor Chandler.
PartyGaming is the largest online gaming company in the world, with
flagship products such as PartyCasino and PartyPoker, the world's
leading online poker room.
The Observer reported that PartyGaming is one of three bidders
for Gibraltar-based sportsbook and online casino. Estimates have
put the value of Victor Chandler at over $500 million, and with
almost $1 billion raised from its flotation last year, PartyGaming
has a substantial war chest to begin its consolidation of the online
gaming market.
Only weeks ago, PartyGaming entered the sports bookmaking market
with the acquisition of the Bulgarian-based Gamebookers for over
$100 million. Victor Chandler is seen as an attractive target for
PartyGaming as it does not accept bets from the US, where internet
sports betting is currently in a confusing legal situation.
Victor Chandler and PartyGaming executives would not comment on
a possible acquisition deal but Observer sources confirmed that
PartyGaming was one of the interested parties. Negotiations are
likely to begin next month when Victor Chandler returns from holidaying
on his boat in the Greek Islands. In the meantime, Victor Chandler
has hired Zeus Capital, a corporate finance firm, to evaluate the
unsolicited approaches and advise on how to proceed.
Chandler inherited a floundering sports betting business when his
father passed away, but has turned the company into an empire through
the pioneering of telephone betting. Victor Chandler turned over
1.4 billion pounds last year.
Source Code: http://casino.pokernews.com/news/2006/8/partygaming-buy-victor-chandler.htm
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