PartyGaming Buys Empire Online's Noble Poker

PartyGaming, the world's biggest Internet poker company, announced today that it will acquire the gaming assets belonging to its smaller rival Empire Online. Empire owns several gaming brands, the most well-known being Noble Poker.

The sale depends on Empire shareholder approval, but the transaction is expected to be completed by January 19.

The Tortola, British Virgin Islands-based Empire said in a separate statement it will receive around US$38 million (19.3 million pounds) from the sale.

PartyGaming will fund the acquisitions by issuing 115.2 million new shares, according to a statement released today. The stock is worth US$72 million (36.6 million pounds) at its current price. The purchases probably will increase earnings next year, the Gibraltar-based company said.

"It's a strategically sound deal, certainly from a financial perspective,'" said Andrew Lee, an analyst at Dresdner Kleinwort in London with a 'buy' recommendation on PartyGaming. The company will benefit from Empire's marketing expertise, he said.

The sale provides an exit from the gaming industry that Empire's founder and chief executive, Noam Lanir, had been seeking for months. Empire announced that it will become an investment house once the sale is complete.

Empire Online spokesperson said, "The proceeds of any disposal would be used together with the company's existing cash of approximately US$250 million (127 million pounds) to invest in both private and public businesses and across the small, mid and large-cap range of companies."

More gambling industry deals are expected to be announced as a follow on to the passage of the US Unlawful Internet Gambling Enforcement Act in October which made it illegal for financial institutions to handle online gambling transactions from US residents.

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