Holdings has agreed to sell its Kalixa Group payments arm to payments operator Senjō Group for €28m (£25m/$30.4m).

Total consideration for the acquisition is capped at €35.5m.

Completion of the transaction is subject to various domestic and international regulatory approvals, but both parties expect the deal to go through during the first quarter of next year.

Prior to completion, an amount equal to the free cash in the Kalixa Group will be retained by GVC by way of dividend.

The sale proceeds will be applied towards reducing GVC’s net debt, while the sale and run-down of Kalixa Pay will have a neutral effect on the group’s EBITDA.

Senjō chief operation officer Gavin Lock comments: “The acquisition of Kalixa fits well within Senjō Group’s strategy of building out a global payments ecosystem.

“We believe Kalixa will be complementary to our existing portfolio of payments businesses around the world and will create a combined group that leverages the best of both companies.

“The transaction will provide Senjō with access to a network in Asia and the benefits of being a part of a global specialist payments operator.

“In return, Senjō Group will provide Kalixa with access to a network in Asia and the benefits of being a part of a global specialist payments operator.”

GVC Holdings CEO, Kenneth Alexander says: “We are pleased to announce the sale of Kalixa in line with our plans announced earlier in the year.

“Post-sale Kalixa will continue to process payments for us and our customers, but now with the opportunity to build a larger payment services business under new ownership which has payments as a core activity.”