GVC completes ?1.1bn bwin.party takeover
Shares in combined business set to list on the London Stock Exchange tomorrow morning
GVC Holdings today completed its ?1.1bn acquisition of bwin.party, with shares in the combined business set to begin trading on the London Stock Exchange at 8am tomorrow.
The deal cleared its final hurdle this morning after a court gave the takeover the go-ahead, with trading in bwin.party shares suspended at market close on Thursday.
Both bwin.party and GVC Holdings reported revenue growth in the final quarter ahead of the takeover, up 5% and 10% respectively.
GVC won the battle to acquire bwin.party back in September, with shareholders in both firms comprehensively approving the takeover late December.
Last week GVC chief executive Kenny Alexander told EGR that positions on the operator’s new-look management team will be split equally between GVC and bwin.party, as he looks to bring together the “best talent” to lead the enlarged firm.
New appointments include COO Shay Segev and head of IR and corporate strategy Nick Batram, while the combined firm’s sportsbook division, which will include both the Sportingbet and bwin brands, will be led by GVC CMO Adam Lewis and bwin.party Labels director Sam Sadi.
The news marks the start of a number of mega deals set to complete in the coming months, with the Paddy Power Betfair merger due to be rubber stamped tomorrow and Ladbrokes Coral by the end of summer.