Online betting group PartyGaming could float on the stock
market, it emerged today.
The world’s biggest web-based Texas Holdem poker firm
has appointed investment banks Dresdner Kleinwort Wasserstein
(DrKW) and Investec “to undertake a review of the group’s
strategic options”, a statement from PartyGaming said.
PartyGaming did not specify what options it was considering,
but reports suggested it could go for a flotation that would
value the group at between £3 billion and £5 billion.
Such a move could see PartyGaming, formerly known as
iGlobalMedia, enter the FTSE 100 Index of Britain’s leading
companies.
The group’s PartyPoker.com gaming room, set up in 2001, has
about five million users.
Other reported scenarios under discussion include merger and
acquisition opportunities or raising money on the debt
markets.
Chief executive Richard Segal said the online gaming industry
was continuing to experience exceptional rates of growth and
PartyGaming was generating significant levels of profit and
operating cash flow.
“We look forward to working with the teams at DrKW and
Investec in taking the group to the next stage of its
development,” he said. |
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