GVC and Bwin.Party deal completeFriday, Aug 26, 2016 13:10
This week, Bwin.party announced it has suspended trading shares at the London Stock Exchange. This decision comes in light of GVC’s acquisition of the company.
GVC beat off competition from Gibraltar-based 888 Holdings, which showed immense interest in buying Bwin.party, and had been engaged in talks with the casino game provider.
In July, 888 Holdings and Bwin.party had settled for a sum of approximately £898.3m, which would have seen the company take full ownership of Bwin.party. This sum, however, was shortly thereafter outbid by GVC.
The purchase price of Bwin.party amounts to approximately £1.12bn, a sum which was determined at a rate of 25p in cash, as well as 0.231 on new GVC shares per Bwin.party share.
This marks the latest acquisition by GVC, whose core brands include CasinoClub and Betboo, both former non-GVC brands.