Update: FTP to Be Acquired

Speculations about the French investor prove as true

After a rather turbulent period, finally some good news arrived today for Full Tilt Poker, as the company is to be acquired by the French investor whose identity has finally been revealed. As it turns out, the speculations and rumors were right, and the buyer of FTP is the French business turnaround specialist Groupe Bernard Tapie.

The press release regarding the acquision has specified: "Laurent Tapie, Managing Director of ‘Groupe Bernard Tapie' announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.

“This agreement, which includes the repayment of Full Tilt Poker's world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.

“‘Groupe Bernard Tapie' has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas."

This outcome may come as a surprise since it was only yesterday that the Alderney Gaming Control Commission announced revocation of Full Tilt Poker's license, which served as one of the conditions for the acquisition.

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