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October 17th 2006
UltimateBet network sold to Maltese company
Excapsa Software Inc., the company behind the online gaming network that included UltimateBet on its books, has accepted a $130 million buy-out for all shares of its subsidiaries: Game Theory Holdings ltd. and Excapsa Services Inc. They money has been put up by a company called Blast Off Ltd.
Like all other publicly listed companies Excapsa was expected to make changes after the Unlawful Internet Gambling Enforcement Act (UIGEA) was signed into law. In a company press release Excapsa cited two main reasons for the sale. First, the new operating conditions imposed by UIGEA were potentially too serious to overcome (an extremely high proportion of Excapsa’s traffic came form the US). Second, the company wanted to maximise its value for stockholders.
What makes the sale particularly interesting is a condition in the sale agreement that none of the debt be paid off with money generated from operating the network in the US market. This does not necessarily mean that Blast Off Ltd. will have to withdraw the network from the US, because it is possible that they could raise the $130 million from elsewhere (the debt is to be paid off in $1-$2 million monthly instalments) however it is certainly a possibility. In that eventuality US players would no longer be able to use UltimateBet.
Submitted: 17/10/2006 11:25:42
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