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GigaMedia Selling Online Gambling Software Business To Mangas

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GigaMedia has made the decision to sell sixty percent of its online gambling software business to Mangas Gaming. The latter is aiming to become one of the biggest providers in Europe.

In exchange for the sixty percent, Mangas agreed to pay $100 million to GigaMedia. That helped GigaMedia stock to jump, something it had not done in a while. For the year, the stock had been down thirty-three percent.

Mangas now adds Everest Poker, a major player in the online poker industry, to its portfolio that already included Expekt, Bet-at-Home, and BetClic. The companies now believe they will become one of the premier providers in Europe.

"This strategic alliance will create an online gambling powerhouse in Europe with top poker, sports betting, and casino offerings,' said Arthur Wang, Chief Executive Officer of the Asian based GigaMedia.

GigaMedia will hold on to a stake in the business, but has the option to force Mangas to but the rest of the business by 2013. On the other side, Mangas can force a sale beginning in 2015.

Consolidation of the Internet gambling industry has been rampant over the past couple of months. Reports have surfaced regarding a possible merger between PartyGaming and bwin.

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