Feeds

Softbank gambles on Betfair

And PartyGaming loses boss

Top 5 reasons to deploy VMware with Tegile

Betfair is selling almost a quarter of its shares to Japanese investment firm Softbank.

The online gambling exchange will sell 23 per cent of its total shares. Although no value was officially put on the deal, the FT valued the firm at £1.5bn, making each Betfair share worth £13.

Betfair's parent company the Sporting Exchange Limited will make an offer for between 15 and 20 per cent of public shares and then add three per cent of its own stock.

The deal should close 3 April - "subject to certain conditions". Betfair's chairman Tim Bunting welcomed the deal and Softbank's "hugely sucessful track record in a number of related areas". Softbank was an early investor in Yahoo!, as well as buy.com and WebVan.

Statement available from here.

In other gambling/gaming news, online poker specialist PartyGaming is saying goodbye to its chief executive.

Richard Segal will leave the firm on or before 1 June because he does not want to relocate to Gibraltar where the poker firm is based.

He originally agreed to commute from the UK but he, and the board, now agree that the chief exec should be based in Gibraltar and, after discussions with his family Segal, decided to stay in the UK and therefore leave the firm.

PartyGaming also released results for the year ended 31 December 2005. Revenues are up 63 per cent to £560.5m. Ebitda increased 49 per cent to £334.6m - but this falls to £200.5m including IPO expenses and legal costs of the skin settlement. ®

Remote control for virtualized desktops

More from The Register

next story
Bladerunner sequel might actually be good. Harrison Ford is in it
Go ahead, you're all clear, kid... Sorry, wrong film
Euro Parliament VOTES to BREAK UP GOOGLE. Er, OK then
It CANNA do it, captain.They DON'T have the POWER!
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
Forget Hillary, HP's ex CARLY FIORINA 'wants to be next US Prez'
Former CEO has political ambitions again, according to Washington DC sources
prev story

Whitepapers

10 ways wire data helps conquer IT complexity
IT teams can automatically detect problems across the IT environment, spot data theft, select unique pieces of transaction payloads to send to a data source, and more.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.