EANS-Adhoc: bwin Interactive Entertainment AG / bwin to acquire Gioco Digitale, the leading Italian online poker and gaming operator

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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14.09.2009

•       bwin to become the leader in continental Europe´s largest online gaming
market
•       Excellent value creation opportunity in booming Italian poker market
•       Total consideration of 2.3 million bwin shares and up to EUR 50 million
in cash
•       Gioco Digitale management team to join bwin to develop poker and other

products in European markets due for regulation

Highlights

• bwin and the owners of Gioco Digitale S.p.A. ("Gioco Digitale") have
agreed that bwin will acquire 100% of the shares in Gioco Digitale S.p.A.
("Gioco Digitale") as follows: (i) Gioco Digitale shareholders will contribute
752,474 Gioco Digitale shares (56.30% of share capital) in exchange for
2,300,000 bwin shares; and (ii) bwin will acquire the remaining 43.70% of Gioco
Digitale´s share capital for an initial consideration of EUR 25 million in cash
on conclusion of the transaction, plus a further EUR 20 million in cash payable
on presentation of Gioco Digitale´s audited accounts for 2009, and a further EUR
5 million in cash 18 months after closing subject to the achievement of certain
financial performance targets in 2009. Gioco Digitale will be acquired on a
cash- and debt-free basis. The Share Purchase and Contribution Agreement will be
subject to the approval of bwin´s Supervisory Board. The transaction is
scheduled to be concluded early in October 2009.

• Gioco Digitale operates Italy´s leading poker website
www.giocodigitale.it. This acquisition will position bwin as Italy´s leading
online gaming operator, its firm number one position in online poker and
lotteries complementing its top position in sports betting.

• In the first half year of 2009, Gioco Digitale generated total income
(net revenue) of EUR 20.1 million (full year 2008: EUR 13.7 million) and EBITDA
(earnings before interest, tax, depreciation and amortization) of EUR 9.2
million (full year 2008: EUR 1.5 million).

• The share exchange will be financed from authorized share capital
excluding the subscription rights of existing shareholders, whilst the remaining
Gioco Digitale shares will be acquired using existing cash resources.

• Gioco Digitale is managed by a group of experienced entrepreneurs who
will continue to develop all of bwin´s Italian business under the leadership of
CEO and President Carlo Gualandri. Mr. Gualandri will also join Co-CEOs Norbert
Teufelberger and Manfred Bodner to work at group level on the strategic
development of poker and markets about to undergo liberalization and local
regulation.

The complete report can be found online on the bwin investor relations website
at www.bwin.org, where it can also be downloaded in pdf format.

Further inquiry note:
Investors:
Konrad Sveceny, Investor Relations
bwin Interactive Entertainment AG
Boersegasse 11, 1010 Vienna, Austria
Tel.: +43 (0) 50 858-20017
E-mail:[email protected]
http://www.bwin.org

Press:
Kevin O'Neal, Press Officer
bwin Interactive Entertainment AG
Boersegasse 11, 1010 Vienna, Austria
Tel.: +43 (0) 50 858-24010
E-mail:[email protected]
http://www.bwin.org
Ende der Mitteilung euro adhoc
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emitter:  bwin Interactive Entertainment AG
          Börsegasse  11/Lift 3/Top floor
          A-1010 Wien 
phone:    +43 (0) 50 858-0
FAX:      +43 (0) 50 858-16
mail:     [email protected]
WWW:      www.bwin.org
sector:   Casinos & Gambling
ISIN:     AT0000767553
indexes:  ATX Prime, ATX

stockmarkets: official dealing: Wien
language: English

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