PokerStars Set to Acquire Full Tilt Poker
According to industry insiders, PokerStars, a real money poker room, is all set to buy Full Tilt Poker. These developments came in the wake of a deal between Groupe Bernard Tapie, a French investment company and Full Tilt Poker ending in failure. PokerStars has acquired permission from the US Department of Justice to purchase Full Tilt Poker.
Failure of Groupe Bernrad Tapie’s Acquisition of Full Tilt Poker
A few months ago, Groupe Bernard Tapie made a deal with Full Tilt Poker to acquire the debt-ridden company. But, Groupe Bernard Tapie could not come to an agreement with the Department of Justice regarding player repayments.
Groupe Bernard Tapie and Full Tilt Poker were in talks about the deals for about 7 months prior to PokerStars arriving on the scene. According to Groupe Bernard Tapie, there were some legal complications that could not be resolved, which has led to this fall out.
The Department of Justice did not find Groupe Bernard Tapie’s approval of letting only some major players withdraw the money at Full Tilt Poker’s re-launch right.
The major setback to Groupe Bernard Tapie was the Department of Justice insisting that all players be repaid in full with freedom to withdraw their money within 3 months. This was the demand which Groupe Bernard Tapie could not agree upon.
Full Tilt Poker has been in the news as it has been unable to repay players what it owes. The game prizes and bonuses have still not been disbursed among the players. AHowever, its fresh deal with PokerStars can help improve matters for Full Tilt Poker.
Fresh Deal between PokerStars and Full Tilt Poker
PokerStars carried out due diligence of Full Tilt Poker for a few days. Following this, PokerStars is confident that acquiring Full Tilt Poker will be beneficial for both companies. The deal is expected to be struck in the coming days between the two companies.
PokerStars is in talks with Full Tilt Poker regarding the deal. PokerStars is set to acquire the properties of Full Tilt Poker as a step in the direction of the settlement of a case the Department of Justice brought up against the two poker companies last year. Called Black Friday in the online poker industry, in the incident a number of people associated with poker rooms like PokerStars and Full Tilt Poker were indicted and the sites were shut down.
As the discussion on the settlement is ongoing between PokerStars and the US Department of Justice, the online poker room cannot be revealed. The company’s spokesperson Eric Hollreiser said that when PokerStars gets permission to discuss details about the settlement, it will make a public announcement about it.