Home » News » FTSE 250 » GVC Holdings PLC Dispose of 50% interest in Sportium Apuestas Deportivas S.A. for €70m
GVC Holdings PLC

GVC Holdings PLC Dispose of 50% interest in Sportium Apuestas Deportivas S.A. for €70m

GVC Holdings PLC (LON: GVC), the global sports-betting and gaming group, announces that it has reached agreement to dispose of its 50% interest in Sportium Apuestas Deportivas S.A. to joint venture partner Cirsa S.A. for a consideration of €70m payable in cash plus repayment of loans and distribution of excess cash. The deal is conditional on regulatory approval.

The interest in Sportium derived from the acquisition of Ladbrokes Coral in March 2018. Sportium is predominantly active in the Spanish retail betting market and in the financial year ending 31 December 2018 contributed £2.5m to the Group’s proforma operating profit. As part of the disposal, GVC will become a B2B supplier to Sportium.

Kenneth Alexander GVC Holdings PLC CEO said:

“GVC is one of the leading online gaming operators in Spain with bwin and the disposal of our interest in Sportium enables us to simplify our business in this market. We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership.”

Follow this article (for updates)
X

Follow this article (for updates)

E-mail : *
* Your personal data will be used to support your experience throughout this website and for other purposes described in our Privacy Policy. I hereby agree and consent to the privacy policy.