Just three weeks ago, it was announced that Gamynia would acquire WPT Enterprises, the parent company of World Poker Tour. Oh how things have changed. It seems PartyGaming has swooped in at the last minute and usurped Gamynia’s deal right out from under their noses.

The deal sees PartyGaming online casino forking over $12.3 million in cash with a continued 5% in revenue share between WPT and PartyGaming on purchased assets which include television programming, brands and contracts.

The sale still needs to be approved by shareholders, but the sale looks likely. However, that’s what we said a few weeks ago about Gamynia’s deal which offered up $9.1 million plus future revenue percentages. That deal was supposed to be closed in the fourth quarter of this year, but obviously things done changed. The filing, which occurred on Tuesday explained “Under the Purchase Agreement, the Company is to file a preliminary proxy statement with the SEC within 21 days of signing the Purchase Agreement.” The 21 days had not yet elapsed, hence PartyGaming’s offer.

The purchase of World Poker Tour has been a long time coming. Stock prices for the company have been sliding steadily for months now for the well-known brand. Once the sale is complete, WPTE will change it’s name and continue with its operations.

Tags: online gambling, online poker, PartyGaming

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