Online casino software developer Chartwell Technology Inc. agreed earlier this week to acquire another games develop, the Amaya Gaming Group, despite experiencing trying times recently. The companies released a statement explaining the deal is an “Arranged Agreement,” combining both of their businesses. In the agreement, Amaya will receive all Chartwell issued and remaining shares which have a value of CDN$ 22.77 million. Canada-based Amaya is one of the leading providers of solutions for online casinos offering network and server-based games, portable games and electronic table games.

The Chartwell’s Board, which as a group owns around 5 percent of the company’s shares, voted unanimously for Amaya’s acquisition offer. The agreement is provisional on shareholders of no less than 20 percent more benefiting the deal before May 27. Chartwell consented not to seek other acquirement proposals. Both online casino solutions sources have agreed to pay $1 million as termination fee for whoever breaches the agreement. In an event where Chartwell is proposed an acquisition, Amaya has the right to match any offer. This partnership should be exciting for online casinos as both can offer innovative games to Internet gambling customers. If all the provisions are met, the agreement should be finalized by July 2011.

Chief Executive Officer of Chartwell Technology, Harold Parken stated that the partnership between Amaya and Chartwell will make a potentially excellent collaboration which should help both firms and their clients. Online casinos should definitely benefit from this combination. The result of this merger will expand the products and services offered as well as reach more markets. This deal is a significant move for both companies. Amaya will be assisted in its aim to accelerate its growth in the industry.

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