PartyGaming Out of Race for Victor Chandler

2006 September 05, Elyshia P

PartyGaming has pulled out of the race for the Victor Chandler sports betting, online casino and online poker empire.

Rather than continue with the early bidding process for the large Victor Chandler conglomerate, it has been reported that PartyGaming, the world's largest online gaming company, is instead focused on completing its recent $120 million purchase of online sports betting company Gamebookers.

PartyGaming is the parent company of Party Casino and Party Poker, the world's largest online poker room.

The Gibraltar-based Victor Chandler had been valued at around $500 million. PartyGaming has the funds to purchase a company of that size with the funds generated from their recent floatation on the London Stock Exchange.

There has been no official comment from PartyGaming spokesman John Shepherd or from PartyGaming Chief Executive Mitch Garber.

It is understood online gaming giant 888.com is also bowing out of the bidding process for Victor Chandler, but 888.com spokesman Nick Lambert also declined to comment.

Staff are tight-lipped on the Victor Chandler side as well, with Victor Chandler himself hiring investment banking group Zeus capital to manage the sale process. A Zeus Capital spokesman said the sale is proceeding, but he declined to identify the bidders, the asking price or the likely timeframe of the expected sale.

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