Sale Terms For Ongame Finally Settled

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The sale between the Vienna listed online gaming operation Bwin and Ongame group’s former owners have finally been able to do what they have all been waiting for, to reach an agreement that amends the first created terms of sale.

“In connection with the Bwin Games (formerly Ongame Group) transaction, Bwin and the sellers agreed on a deferred consideration with a potential value of Euro 83 million including interest as of settlement date,” according to a spokesman from Bwin.

It was back in October of last year when the United States banned financial transactions with online gabling operations is when the initial sale and agreement was made between the two companies. This is when Bwin decided to pull out of the real-money US gambling market.

“In spring this (2007) year, Bwin entered into negotiations with the former majority shareholders of Bwin Games who sold 96.3 percent of the company’s shares,” stated the spokesman.

As of now, Bwin is let go from all obligations on the sale of Bwin shares.

“This agreement fully settles the Bwin Games transaction with this group of sellers,” concluded the spokesman.

After a little over a year of waiting, there are many people who are just glad this deal is finally done and everyone can move on to their new adventures.

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