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GigaMedia Ltd. announced today that they will sell 60% of its online gambling software business, Everest Gaming, to the leading French sports betting and online gaming group, Mangas Gaming. GigaMedia will continue to hold the remaining 40%.
Mangas’s portfolio includes BetClic, Expekt and Bet-at-Home, with the addition of Everest Poker, Mangas will migrate their players to the platform becoming the companies primary poker site.
“This strategic alliance will create an online gambling powerhouse in Europe with top poker, sports betting and casino offerings,” said GigaMedia Chief Executive Arthur Wang.
Mangas will make an upfront cash payment of $100 million when the deal closes and a final payment after the companies evaluate the fair market value of the business as early as 2012.
GigaMedia has the option of requiring Mangas to purchase the remaining stake as early as 2013, however Mangas has the option to force a sale starting in 2015.
The deal will likely close in the first quarter of 2010.
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