PartyGaming to Acquire Empire Online, Intercontinental Online

It was reported this week that Noam Lanir, owner of Empire Online, was selling his remaining shares to rival PartyGaming. Friday, PartyGaming announced that it is purchasing all the assets, players, and gaming contracts of both Empire Online and Intercontinental Online Gaming. The total deal is worth $66.3 million.

PartyGaming acquired some assets from Empire Online in February 2006, including EmpirePoker.com and AceClub.com. This purchase completes the absorption of Empire Online.

NoblePoker.com highlights the businesses acquired from Empire Online. Also moving in the deal are EnterCasino.com, Clubdicecasino.com, and Carnivalcasino.com. In 2005 (and this includes U.S. customers, who have not been accepted since October 2006), Empire Online brought in $31.7 million in revenue, turning that into $16.1 million in profit. PartyGaming expects the Empire Online assets to produce at least $6 million in profit in 2007.

Intercontinental’s sites include FairPoker.com, MissBingo.com, and five online casinos. The company pulled in $19.9 million in revenue in 2005, forging $3 million in profit. PartyGaming projects at least $2.5 million in earnings in the coming year.

Playtech, which provides the software for both Empire Online and Intercontinental Online, will continue to serve in that capacity after the companies are combined.

Originally published December 29, 2006