The online poker giant will pay $250 million in cash to Empire Online for the business, assets, player databases and intellectual property relating to the Empire Poker skin and other associated white label agreements for AceClub.com and StarluckCasino.com.
As part of the deal, Empire Online has agreed to withdraw all legal claims against PartyGaming.
Last December, Empire Online sued its former partner PartyGaming for breach of contract after the latter ringfenced its own poker players from those of \’skin companies\’, which included Empire Poker.
Empire said it will focus on its other websites, Noble Poker and Club Dice Casino, which are expected to generate net profits of $37m in 2006.
“This acquisition brings our skins strategy to a close and consolidates our leading position in online poker ahead of the launch of the fully-integrated, Party-branded platform,” commented Richard Segal, PartyGaming Chief Executive.
Noam Lanir, founder and CEO of Empire Online said the PartyGaming settlement will help support the company\’s efforts to enter into the European and Far Eastern markets. He added that Empire Online will “consider carefully” how to use the net proceeds of the $250 million, and listed available options such as distributions to shareholders or potential complementary acquisitions.
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