Sportingbet owner snatches unlikely victory in £1.1bn race for Bwin.Party
Sportingbet owner snatches unlikely victory in £1.1bn race for Bwin.Party
The owner of Sportingbet is on course to win the race for fellow online gambler Bwin.Party, after agreeing terms on a £1.1bn offer. The deal, announced by GVC, would appear to draw a line under a protracted bidding war for Bwin, which put itself up for sale in November. It trumps a £900 million-plus cash offer Bwin had previously accepted from rival bidder 888 Holdings.
GVC is the natural partner for Bwin.Party considering our strong sports betting and online gaming pedigree
Kenneth Alexander, GVC chief executive
888 had been the front-runner as its offer was recommended to shareholders by the Bwin board. But the new deal was reached after GVC said it was prepared to launch a hostile bid - meaning it would go directly to shareholders with an offer - without a deal. It is the latest of a string of mega-mergers in the gambling industry. GVC teamed up with William Hill Plc to take over Sportingbet Plc in 2013, while Ladbrokes Plc agreed to buy Coral Group in July.