Multinational sports betting and gaming group GVC Holdings PLC will take over Bwin.Party in a £1.1 billion bid on the 1st of February 2016. GVC Holdings beat their rivals 888 Holdings to take over the group in September 2015 after a long battle. Despite being affected by the impacts of a 3% European Union VAT, Bwin showed a 5% revenue increase last year recording the strong growth in mobile and an increased performance in sports betting and casino operations. Progress on cost savings was further posted in the investor release.
Each of the resolutions relating to the bid on the 15th of December 2015 was approved by Bwin shareholders. The new GVC stock release is expected to take place on the London Stock Exchange on the 2nd of February 2016 around 8 am due to pending approval of the Court in Gibraltar.
The Digital Entertainment House stated in the Pre-Close trading update that based on recent trading performance, the full year benefit of cost savings and the upcoming Euro Championship 2016 had already been achieved in 2015. The Board of Directors believes that the Group’s hopes are very strong and these will be boosted further by the proposed collaboration with GVC Holdings.
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