GVC To Take Control Of bwin.party

GVC To Take Control Of bwin.party

Friday, 4 September 2015

The long-running race to acquire bwin.party is, for now, over according to recent reports.

Despite accepting a bid from 888 Holdings back in July, it's now being reported that an improved offer from GVC Holdings is favoured by the board at bwin.party.

Following an increased bid by GVC late last week, bwin.party held a meeting on Thursday to discuss the new options on the table and it's been revealed that GVC will now assume control of the iGaming operator.

In a joint statement released by GVC and bwin.party on Friday morning, the companies explained that a deal had been agreed and that the merger could be completed by the close of 2015.

"The boards of GVC and bwin.party are pleased to announce that they have reached agreement on the terms of a recommended offer pursuant to which GVC will acquire the entire issued and to be issued ordinary share capital of bwin.party," read the joint statement.

Under the terms of the deal, GVC will pay £1.1 billion for bwin.party with around £400 million of that amount being secured by Cerberus. Additionally, GVC will aim to raise £200 million through a combination of investing new and existing shares.

Aside from a more lucrative cash offer, a spokesperson for bwin.party suggested that it was GVC's pedigree in the sportsbetting world that helped seal the deal. Being the owner of Sportingbet, bwin.party believes that this experience will allow GVC to take the company to a new level.

Although a deal has been agreed, pervious form suggests that anything could still happen so it wouldn't be a surprise if 888 makes a surprise move in the coming days.

Tags: bwin.party, GVC Holdings, 888 Holdings, Sportingbet