GVC reveals when BwinParty deal will complete

Holdings expects to complete its acquisition of BwinParty in the early months of next year.

It was confirmed in September that the boards of both operators had agreed on the terms of a recommended offer for GVC to acquire the entire issued and to be issued ordinary share capital of BwinParty, valued at an approximate £1.12bn.

GVC said the transaction will complete in early 2016 following the posting of the final document, which it has predicted will occur in November, though those forecasts are subject to regulatory consents.

The first draft of the prospectus has been submitted to the UK Listing Authority.

BwinParty previously agreed the terms of a recommended offer from operator 888 Holdings, which was valued at approximately £898.3m and was announced in July.

888 said on the same day of the confirmation of the deal between BwinParty and GVC that it would not be revising its offer.

The latest update on the deal was included in GVC’s trading update for the nine months to September 30, which showed a 15% year-on-year increase in sports wagers to €4.5m per day.

A second interim dividend of €0.14 per share was announced and will be payable on November 2.