In today's general meeting, the merger was approved by over 99% of the shareholders of both companies.
With the merger between the Austrian bwin and the British PartyGaming, the world's biggest betting provider has been created. The headquarters of the joint group has been moved to Gibraltar. It is also certain that the gambling company will leave the Vienna Stock Exchange: its securities will probably stop being traded at the end of March. From that date, the securities of "bwin.party" will be traded only in London.
The task division in the joint company has still not been decided on. It is still unclear what will remain of the Vienna Location. The brand bwin will continue existing, as well as the sponsoring contracts.
The division of tasks will be defined by the end of March. The actual merger will therefore start by the beginning of April.
It has been denied so far that it will come to a a large-scale dismantling, but there will be changes. bwin currently employs 850 people in Vienna, most of them are IT employees. However, IT is expected to be placed in future on an outsourcing company in India, and the majority of the employees from Vienna allegedly is little motivated to move to Gibraltar.
The exchange ratio is fixed at one bwin share for 12.23 new bwin.party shares. Alternatively, there exists a cash redemption alternative of € 23.52 per share. Previous bwin shareholders will hold 51.7% of bwin.party, and the rest will be allocated to previous shareholders of PartyGaming.