Giga Media (GIGM), owner of Everest Gaming is selling 60% of its shares in the gaming group, to French operator of online Gaming and Sports betting, Mangas Gaming. It will keep its holdings in remaining 40% of the shares.
Everest Gaming’s main asset is Everest Poker, a leading online poker room in the European market, and one of the only European operators with a proprietary, in-house online poker software.
Purchase of Everest Gaming Group is a major step in Mangas Gaming strategy to create a full, comprehensive portfolio of leading European online gaming brands.
Everest Poker is expected to compliment Mangas Gaming existing brands, which are focused in the online sports betting arena. Mangas Gaming is the owner of sports betting brands Betclic, Expekt and Bet-At-Home, leaders in the European sports betting industry.
Manga Gaming’s CEO, Isabelle Parize, commented on the acquisition, saying: “ we are very proud that Everest is joining our group. It is a brand with an outstanding awareness in the world of poker, well known for its know-how, its platform reliability and its strict policies. Mangas Gaming is reinforcing its position as a major European player in both the online poker and sports betting”.
Mangas will pay for the shares in two installments. The first, in the amount of $100M will be paid at closing. Second will be paid in 2012, and will be determined according the value of the shares at that time.