18 Months after Noam Lanir took his company to a US$ 900 Million IPO on the LSX, he is selling his remaining shares to rival gaming company for US $40 million.
Lanir’s company, Empire Online, was valued at over US $928 million when it first traded on London Stock Exchange. However its shares fell significantly in months after the U.S. Government passed a law in September making it illegal for US banks and credit card and companies to take online gambling transactions.
Today, Empire Online’s worth is estimated at USD 244 million, a devaluation of 80 percent.
Lanir is quoted as saying he will use profits from the sale to Party Gaming to invest in real estate. The deal is expected to be inked within week’s end.
Industry analysts have said that this deal is an indication of the future of Israeli owned publicly traded companies, and that online gaming giants 888.com and Playtech, will probably look to sell in the near future.
