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GigaMedia sells to Mangas
17-December-2009
Wednesday, Taiwan-based software developer GigaMedia Ltd. (NASDAQ: GIGM) announced it will sell 60 percent of its online-gambling software business to France’s Mangas Gaming. Following the announcement, shares in GigaMedia shot up as much as 15 percent.
According to the deal, GigaMedia will receive $100 million upon the sale’s finalization. GigaMedia said it expects to finalize the sale in the first quarter of 2010. Mangas will then pay GigaMedia an additional earn-out payment depending on the software business’s fair market value as of 2012.
“The way the deal is set up provides a big opportunity in terms of a higher valuation of [GigaMedia’s] online gambling software business,” ThinkEquity LLC analyst Atul Bagga said. “It makes a lot of sense for GigaMedia not to seal the sale price now as the opportunity and valuation could be much bigger if and when online gambling is legalized in the United States."
The Unlawful Internet Gambling Enforcement Act made the sale of online gambling products and the transfer of funds to online-gambling providers illegal in 2006. However, in November the U.S. Treasury and Federal Reserve extended the law’s final compliance date until June 1, 2010.
In addition to the extension, the House of Representatives Financial Services Committee began debate this month on two bills that would override the UIGEA. If enacted the two bills would open a regulated U.S. online-gambling market that, proponents say, could generated some $42 billion in tax revenue by 2020.
GigaMedia said it plans to reap a “substantial” one-time gain by retaining a 40 percent interest in the business. In 2013, the company said, it will receive a put option to sell all or part of its remaining interest to Mangas. Mangas, in turn, will receive a call option in 2015, allowing it to buy out all remaining interest GigaMedia holds at that time.
In Taipei, shares in GigaMedia were up 8 percent to $4.08 in afternoon trading, after peaking at $4.34 earlier in the day.
By: Phill Provance
phill.provance@acehoyle.com
To avoid legal redress under international copyright law reprinters must cite the name of the above article's author and that author's e-mail address, and they must link to its publishing site: www.acehoyle.com.
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