|After only seven years in operation, the four owners of the world's largest internet poker company, PartyGaming, parent company of PartyPoker, have set it to become one of the biggest companies in Britain by value.|
PartyGaming said up to 23 per cent of it shares are expected to be sold in the offer by shareholders likely to include its founder and management.
The valuation of the firm following the listing is predicted to be in the region of US$8-10bn, based on 2004 annual pre-tax profits of US$371.7m.
Richard Segal, PartyGaming’s chief executive, said one of the motivations behind the float was that it would assist the firm in pursuing future acquisitions. “The online gaming market is fragmented and geographically diverse, which presents opportunities for strategic acquisitions and market consolidation,” Segal said.