Bwin.party in reverse takeover talks
Malta-based GVC Holdings confirms offer to acquire entire bwin.party business
Bwin.party is in discussions over a reverse takeover by Malta-based GVC Holdings, a European-facing firm hoping to acquire the operator in its entirety. [private]
GVC today issued a statement confirming that it had tabled an offer for bwin.party in a deal that would be treated as a reverse takeover due to the size of its target.
Given the nature of the proposal bwin.partyâs US-facing business, which includes B2C and B2B casino and poker operations, could be set to change hands.
Both GVC and bwin.party confirmed the takeover talks, however both added there was âno certaintyâ the offer would be accepted and in turn that the acquisition would be completed.
Bwin.party also confirmed GVCâs offer was a ârevisedâ bid and that talks with other third parties regarding various business combinations are ongoing.
The news comes after GVC chief exec Kenneth Alexander toldÂ EGR NA sister title EGRÂ back in March that he would ârule nothing out in terms of M&Aâ havingÂ been linked with a move bwin.party.
Malta-based GVC Holdings is a B2C and B2B sports betting and gaming operator, and teamed up with UK bookmaker William Hill back in 2013 to acquire Sportingbet.
Bwin.party’s market cap ofÂ Â£812.5m (US$1.3bn) dwarfs that of GVC at Â£284.9m ($450m).
However the two operators have experienced different fortunes of late with GVC growing significantly and bwin.party struggling to come to terms with its shift toward regulated markets and falling behind in product development.
A number of other operators, including Amaya Gaming and 888, have been linked to acquiring all or part of bwin.party in recent months.