By Ian Hiaring, Rakeback.com Poker News Staff Writer
Late last week, shareholders from bwin and, Party Poker's parent company, PartyGaming held general meetings and nearly unanimously approved the proposed merger between the two companies. While nothing more than a mere formality at this point, it does mark a milestone in landmark merger between the two online gaming giants.
bwin’s shareholders unanimously approved the merger, while 99.4% of PartyGaming’s shareholders voted in approval of the merger, which would create the world’s largest publicly traded online gaming firm.
The newly formed company will continue with its existing brands, but under the new name bwin.party Digital Entertainment plc, of which current bwin shareholders will hold 51.6% of the shares and existing PartyGaming shareholders will have a 48.4% stake of the company.
The name change will take place when the court order sanctioning the merger goes into effect, which is anticipated to happen on March 31st. It was also confirmed that bwin will continue to headquarter its operations in Austria, while PartyGaming will maintain its headquarters in Gibraltar.
Jim Ryan (PartyGaming) and Norbert Teufelberger (bwin), the current CEO’s of the pre-merger companies will jointly run bwin.party, and commented on the shareholders’ approval. “Today’s shareholder meetings were a key milestone in the overall process, putting the transformational merger of our two companies well on the way to completion. We are delighted that both sets of shareholders have overwhelmingly recognized the strategic, operational, and financial benefits of creating the world’s largest listed online gaming company.”
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