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DATE: May 24 2012
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Poker.co.uk - Poker News Archive

Monday 31st January 2005

Online Gaming company plans $6bn deal to win FTSE place

The world�s biggest Internet poker company has announced the appointment of advisers to a possible flotation on the London Stock Exchange that could value the business at about �3 billion.

PartyGaming, the Gibraltar-based group that launched the PartyPoker website in 1997, has revealed the appointment of Dresdner Kleinwort Wasserstein and Investec Securities to advise the company on its �strategic options�.

Despite the likelihood of a place in the FTSE 100, the big banks such as Merrill Lynch, UBS, Morgan Stanley and Deutsche Bank declined the opportunity to be involved, eschewing fees of an estimated �20 million.

The difficulty is that PartyGaming�s biggest market is America, where the legality of internet gambling remains in doubt.

Last year the company reported earnings before interest, tax, depreciation and amortisation of about $350 million (�186 million). However its IPO valuation is likely to be based on projected 2005 earnings of as much as $600 million, implying a valuation of perhaps $5 billion to $6 billion.

PartyGaming�s marketing director said, �If we were to float in London there is a good chance we would be a FTSE 100 company.�

PartyGaming also has casino and bingo websites, although more than three-quarters of its business is derived from online poker, the fastest growing part of the gambling industry.

Source: OnlineCasinoNews

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