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26 March 2011

First European cross-border merger results in world's largest online gaming company

The first European cross-border merger involving a Gibraltar company has been sanctioned by the Supreme Court of Gibraltar.

The merger is between PartyGaming Plc and bwin Interactive Entertainment A.G. which will result in the world’s largest online gaming company and will become effective on 31st March 2011.

Hassans says it has acted on the Gibraltar legal and regulatory aspects of this landmark deal, co-ordinating with foreign legal counsel and acting as advisers to both companies in what has been a protracted and highly complex transaction. The involvement of the Government of Gibraltar in facilitating the merger process by implementing the required legislation and assisting with the process where necessary has been essential.

Vikram Nagrani, partner at Hassans, said: “we are delighted to have acted on this matter for both merging companies in a transaction that is a first for Gibraltar and which will bring significant economic benefit.” Peter Montegriffo, partner and head of commercial department, added: “This cross-border merger will enhance Gibraltar’s reputation and status as a jurisdiction that offers the highest level of professional service and from where business on a global scale may be conducted."

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