Published
Online

It's a date: BwinParty confirms the day GVC will take the reins

Mond

BwinParty
Monday February 1 will be the date that GVC Holdings will complete its acquisition of BwinParty.

BwinParty confirmed the finalisation time within its pre-close trading update for the fourth quarter of 2015, which showed that the operator’s net revenue grew by 5% year-on-year for the period.

GVC announced in October it expected the deal to conclude in early 2016 and an official date has now been set after BwinParty shareholders approved the deal at its EGM in December.

Both companies reported in September that GVC is to acquire BwinParty for 25p in cash plus 0.231 new GVC shares per BwinParty share, equating to an approximate value of £1.12bn.

BwinParty had previously agreed a deal with 888 Holdings, which planned to buy BwinParty for approximately 104.09p per share, valuing BwinParty at approximately £898.3m.

GVC initially made a proposal to buy BwinParty that would have been jointly financed by itself and PokerStars owner Amaya Gaming, but GVC eventually decided to progress with its efforts to complete the acquisition without Amaya’s funding.

GVC CEO Kenny Alexander told Gambling Insider in an exclusive interview that the reason for this move was that Amaya would not be able to commit to a deal in the timeframe that GVC had set to finalise an agreement.

You can read the exclusive interview in Issue 33 of Gambling Insider. Sign up here.

Premium+ Connections
Premium
 
Premium
 
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
The Global Gaming Awards are the most trusted and prestigious Awards in the gaming industry, recognising and rewarding the strongest performers across the previous 12 months.
25 Sep 2022

Global Gaming Awards Las Vegas 2022: Full Shortlist revealed

Gambling Insider and Gaming America are delighted to share the Shortlist for the 2022 Global Gaming Awards Las Vegas.

Life after M&A

Pariplay CCO Enrico Bradamante speaks to the GI Huddle about...

Global Gaming Awards Asia 2022: Winners revealed

The winners of the inaugural Global Gaming Awards Asia have...

Coming to America

Interblock Global CEO John Connelly speaks to Gambling Insid...

The supplier story so far

Gambling Insider speaks with leading executives from Relax G...

Read Magazine

4 October, 2022

Asia bulletin: Tab NZ reports August turnover 6% below budget

Tab New Zealand (NZ) has attributed “continuing soft economic conditions” to a 6% shortfall in turnover for August.