|Canadian company CryptoLogic has confirmed that it will purchase the poker brand and related assets of Parbet.com, a Scandinavian online poker room.|
CryptoLogic companies will reportedly license the Parbet assets, poker software, payment processing services, multi-lingual customer support and services to a private Maltese online gaming company which will operate Parbet.com. The agreement is subject to certain conditions.
The purchase will include rights to the Parbet brand name, associated domain names such as Parbet.com, customer lists, databases and players’ cash in deposits.
As part of the agreement, CryptoLogic's subsidiary, WagerLogic, will pay €9 million for the brand and assets, and potentially additional amounts up to €4million, dependent on improved performance of the assets over a six-month period. The deal is expected to be completed by January 15.
Currently, Parbet is said to generate approximately $7 million in revenue annually. CryptoLogic said it expects the licensing arrangement to add approximately $2 million to 2007 earnings.