After looking into the benefits that Ongame founders, Oskar Hornell and Claes Lidell, might accrue once the Bet and Win takeover deal goes through, The Independent concluded that Hornell and Lidell had a lot to smile about.

Ongame, a casino and poker software company, was founded by the two Swedish entrepreneurs back in 1999 and both men stand to gain a substantial amount of money once the deal is completed.

Hornell’s father and two brothers, both members of the board of Ongame, also stand to benefit from the proposed takeover and are looking at Euro 251 million in cash and shares from the 53 percent stake in Ongame once the deal is finalized. Sixty percent, or Euro 151million, of that amount of money will be paid out in cash.  Terms for the takeover were announced earlier this week. 

Claes Lidell, who has a 28 percent stake in Ongame, stands to gain Euro 132 million (including Euro 79 million in cash).

The former chairman of Ongame, Bo Johnson, will be receiving Euro 71 million in cash and shares from his 15 percent stake in the company.  Staff members and former staff members own the remaining four percent.

Chief executive of Ongame, Patrick Selin, along with other members of management, are expected to continue working at Ongame for at least another year.  The takeover deal with Bet And Win makes Ongame’s previous plans to go public on the London Stock exchange redundant.

Posted on: December 30, 2005

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