GigaMedia Limited today announced that it has completed the sale of a 60 percent interest in its online gambling software business to Mangas Gaming, a leading European sports betting and online gambling group.
The sale has immediate effect. GigaMedia expects to record a significant one-time gain in the second quarter as a result of the transaction.
Mangas Gaming is jointly owned by the Lov Group of famed media executive Stephane Courbit – and SBM – the Societe des Bains de Mer de Monaco, controlled by the Principality of Monaco. SBM is the owner of the world renown Monte Carlo Casino in Monaco. Mangas Gaming is a leader in European gambling with operations including BetClic, Expekt, and Bet-at-Home, together offering sports betting, poker and casino services to over four million registered users in over 25 countries.
“We are very pleased to join our Everest Poker business with Mangas Gaming to create one of Europe’s largest and best gaming platforms,” stated GigaMedia Chief Executive Officer Arthur Wang. “Together we have the size and scale to claim top market share in the large European Community, providing the highest entertainment value for our players and thereby driving the best investment value for our shareholders.”
Everest Poker was awarded “Best Poker Operator” for two consecutive years by the independent industry journal e-Gaming Review – and is one of the top poker sites worldwide by active player numbers.
The Gigamedia Sale Analysis
The final price of the 60 percent sale will be set at the fair market value of the business as of May 2012. As part payment for this 60 percent sale, Mangas has made an initial cash payment of approximately US$100 million, which will be followed by a final earn-out payment to be made after the May 2012 valuation depending upon the fair market value of the business at that time. GigaMedia will continue to hold the remaining 40 percent interest with a put option to sell all or part to Mangas beginning in 2013. Beginning in 2015, Mangas will have a call option on any remaining shareholding held by GigaMedia. For both GigaMedia’s put option and Mangas’s call option, the price will be determined based upon then fair market value.
“Mangas Gaming also brings the unmatched credibility, reputation and trust of the famed Monte Carlo Casino, backed by the Government of Monaco itself,” explained GigaMedia CEO Arthur Wang. “For over a century, this has been the gold seal, the Casino Royale for even James Bond.”
“We are particularly excited about the opening of the French market slated for this Summer,” stated GigaMedia CEO Arthur Wang. “Everest and Mangas are strongest in France and we see an enormous market opportunity for which we are best positioned.”
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With the merge of Mangas Gaming and Giga Media Casino Provider, the european sports betting and gambling group will prove more on their registered users in most of the countries worldwide, through this share the expansion of its field will accommodate more gamblers than before.
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