After months of legal turmoil, PartyGaming and Empire Online have finally brokered a deal to end their poker-related business dispute. According to the terms of the deal, which has yet to be approved by Empire Online shareholders, PartyGaming will agree to pay Empire a reported sum of $250 million for its Empire Poker online poker room. If Empire Online shareholders approve the deal, they are expected to receive a sizable per share dividend based on the proceeds of the Empire Poker sale.
Empire Poker had been Empire Online's longtime corporate focus. However, after PartyGaming cut off Empire Poker and other "skins" from its multi-million player base in October, Empire Online increased efforts to drive growth at its other, newer online gaming sites, namely Noble Poker and Club Dice Casino. Perhaps Empire Online realized that, without PartyGaming, its flagship online poker site was a lost cause, making its sale a logical step.
Noam Lanir, CEO of Empire Online was happy that his company was finally able to extricate itself from legal loggerheads with PartyGaming, saying that "this transaction removes the uncertainty of litigation ... and will enable management to focus on growing its continuing businesses. We will consider carefully how to use the net proceeds from this sale to the maximum benefit of shareholders."
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