PartyGaming holding talks with GigaMedia

20 April 2009

LONDON, England -- As reported by The Sunday Times: "Online gambling group Party Gaming is holding talks on a deal with Nasdaq-listed rival Gigamedia.

"Gigamedia, which has a market value of $363m (£246m), is thought to have hired Goldman Sachs, the investment bank, to find a buyer for the whole company or simply its Everest poker brand.

"Party Gaming, which this month settled a legal dispute with the US Department of Justice (DoJ), is among a small number of parties thought to be negotiating with Gigamedia.

"One potential barrier to a full merger, however, could be the unwillingness of Gigamedia shareholders to hold stock in a London-listed company.

"Party Gaming, which is said to be eyeing a number of possible deals, declined to comment on the Gigamedia talks but a spokesman said: 'We have made it very clear we believe the industry will consolidate and we will look at opportunities as and when they arise...'"

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