25th of August 2010 Author: Glo Wood
Online gambling giant given option to take up a 40 percent stake in online gaming firm
The UK and Australian-based Betfair online gambling group has been given an opportunity to expand into the Pacific Ring market following an offer from Manila, Philippines-based Diversified Financial Network Inc.(DFNN), reports the Philippine Daily Inquirer.
DFNN reported to the Philippine Stock Exchange that it has offered Betfair an option to purchase up to 40 percent of its gaming subsidiary, Interactive Entertainment Solutions Technologies (IEST), a unit of DFNN's majority owned Singapore-based subsidiary Pacific Gaming Investments Pte. Ltd. (PGI), at a strike price of $15 million based on enterprise valuation.
Deadline for expiration on the offer is August 19, 2011.
Bringing Betfair into the DFNN group's gaming business as a strategic partner is part of a bid to replicate in Asia the giant gambling group's success in European and Australian online betting, the newspaper speculates.
DFNN may also be planning to increase its interest in IEST, according to a company disclosure statement, which advised: "The management of DFNN is studying its current investment structure into IEST and may possibly increase its holdings in IEST."
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