Online gaming company Sportingbet said it paid over $33 million in cash and $9+ million in shares to Bonaire Investments as Paradise Poker met its target of $150 million in operating profit.
Sportingbet said as part of the Paradise Poker acquisition deal, Bonaire will also get 10% of Paradise Poker's operating profits in excess of $150 million for a three year period following the completion of the deal.
Bonaire now holds around 11.5% of Sportingbet. Sportingbet acquired online poker site Paradise Poker in October 2004 for just under $300 million.
All of which means?
Three Canadian founders of Sportingbet's Paradise Poker business yesterday shared a payout worth nearly $30 million after operating profits reached a milestone.
