Party Gaming ended 2006 with a bang this week, splashing out on the acquisition of both Empire Online group and online casino operator Intercontinental Online Gaming to the tune of GBP 33.7 million (US$ 66.3 million) in shares. Party will fund the acquisitions by issuing 115.2 million new shares, according to a statement from the company.
The announcement that the deal was done drew a line under the extensive reportage and rumor that has been a feature of industry happenings this week as analysts predicted more consolidation moves in the industry, and speculated on what Empire will do as an investment group following its departure from the industry.