PartyGaming Buys World Poker Tour Assets for $12.3 Million

Authored by Mark Hefflinger on August 26, 2009 - 11:01am.

Los Angeles - WPT Enterprises (NASD: WPTE), operator of the World Poker Tour circuit, TV show and ClubWPT.com website, announced on Wednesday that it has sold most of its assets to gambling website PartyGaming for $12.3 million.

The company had previously announced plans to sell to Gamynia Limited for $9.075 million, but CEO Steve Lipscomb said the company's board "determined that PartyGaming's acquisition proposal is financially superior."

PartyGaming, which operates overseas poker site PartyPoker.com, says it will reintroduce an online gambling element to the franchise.

WPT Enterprises said it intends to use the proceeds from the sale to develop or acquire a non-poker-related business, and will not distribute and proceeds to stockholders.

Related Links:
http://snipurl.com/reool

http://www.partypoker.com

http://www.clubwpt.com

http://www.worldpokertour.com