27 February – LAWFUEL – The Law News Network – Olswang has advised PartyGaming Plc (“PartyGaming”) on the US$250 million acquisition of certain assets including “empirepoker.com” and “aceclub.com” from Empire Online Limited (“Empire”), together with Empire’s withdrawal of all its legal claims against the PartyGaming group.
The FTSE100 online gaming giant PartyGaming, previously acquired the MultiPoker.com site, IntertopsPoker player database and had agreed for Coral EurobetPoker to leave the PartyGaming platform. The Empire deal concludes the company’s skin strategy in support of the launch of the fully integrated platform. This platform will enable PartyGaming to take the cross-selling of games to a new level and consolidates the company’s market position as the world’s leading online gaming company.
PartyGaming is a Gibraltar based company with over 1,000 staff. The company’s successful IPO in 2005 was one of the London Stock Exchange’s biggest in the last five years, reflecting the surging popularity and profits of Internet gaming.
Clive Gringras, e-commerce partner at Olswang, said “We were delighted to advise PartyGaming on this deal. Olswang and the PartyGaming in-house team worked extremely hard to finalise this significant transaction in just under a week.”
Clive Gringras led the Olswang team assisted by partner Tony Leifer, partner Martin Davies, partner John Enser, Ian Felstead, Elle Todd and Jemma Atkins.
Travers Smith advised Empire Online Limited.