- This topic is empty.
-
Posts
-
The Optimal group is a Montreal, Quebec based online payment services provider, which owns 74.2 percent of FireOne Group Plc.
Today it released a statement that it had agreed to but the remaining quarter of FireOne.
This comes some 18 months after Optimal sold shares in FireOne.
New legislation aimed at outlawing Internet gambling in the U.S. was introduced earlier this year. The impact to the industry was immediate and forceful, with the sector’s largest companies losing some US$7 billion of market value the day after the US Government Congress passed the law.
FireOne themselves lost close to 25% of their share value on October 10th after the company announced it would stop processing U.S. transactions.
Commenting on the announcement, Optimal said that the “synergies and benefits of scale” of the acquisition would improve the company’s performance.
This acquisition is subject to approval by FireOne’s shareholders.
Original article here
Thanks Ian :thumbsup:
Thats an interesting article and development. I wonder if they plan on going private and re-entering the US market. It’s pretty apparent that is the most viable choice they have for future survival or growth.
You know what, I am kinda relieved about this. A lot of people were concerned over at their Montreal office.
