(In Aug 25 story, corrects paragraph 1 to show PartyGaming is buying the assets of WPT Enterprises, not the company. Also, clarifies deal details in paragraph 2 and first bullet point)
* Says WPTE to get at least $3 mln in 3 years after deal close
* Sees deal to close in Q4, '09
* PartyGaming shares fall 0.5 pct
(Adds details)
Aug 25 (Reuters) - British online gaming group PartyGaming Plc said on Tuesday it agreed to buy the business and substantially all of the assets of WPT Enterprises Inc, including the World Poker Tour brand, for $12.3 million in cash.
PartyGaming will pay WPTE 5 percent of future gaming and other revenue from the use of the purchased assets, with a guarantee that WPTE will receive at least $3 million during the three years following the close of the deal.
The acquisition is expected to be completed in the fourth quarter of 2009, PartyGaming said in a statement.
In a late evening release on Monday, WPT had said it agreed to sell substantially all of its operating assets other than cash, investments and certain excluded assets to Peerless Media Ltd, a unit of ElectraWorks Ltd, which is owned by PartyGaming.
PartyGaming is WPT's largest customer, accounting for 30 percent of its revenue for the six months ended June 28, WPT said in a regulatory filing.
Last month, PartyGaming had said it was looking for further acquisitions following its purchase of bingo website operator Cashcade for an initial 71.9 million pounds ($118.8 million at that time).
Earlier this month, rival online gaming firm 888 said it was close to making an acquisition and expected a deal to be completed soon.
PartyGaming shares were down 0.5 percent at 268.2 pence in volatile trade by 0848 GMT on the London Stock Exchange.
(Reporting by Kumar Alagappan in Bangalore; Editing by Gopakumar Warrier) Keywords: PARTYGAMING/
(kumar.alagappan@thomsonreuters.com; +44 20 75427717; Reuters Messaging: kumar.alagappan@thomsonreuters.com)
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