Bwin.Party Ongame Network to be sold

bwin.party digital entertainment announced the commencement of a share buy-back programme and the sale of its Ongame network in a trading update released this week.
The company reported on its trading performance from the period beginning April 2011, which it says has largely been in-line with management expectations, with the exception of sports margins due to a favourable run of events for punters in May.
A formal process has begun to sell its Ongame B2B network and the firm expects the sale to be completed by the end of 2011.
bwin.party will also embark on a share buy-back programme of up to GBP 75 Million from existing cash resources.  A similar move undertaken by both Betfair and Playtech in recent months.
The Board has adopted a progressive dividend policy commencing with a dividend of GBP 30 Million for the year ended 31 December 2011 and has said its merger integration is on-track to deliver GBP 55 million of annualised synergies by 2013.

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