Disposal
Updated : 07:02
18 July 2019
GVC Holdings PLC
("GVC" or the "Group")
Disposal
GVC Holdings PLC (LSE: 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. ("Sportium") 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 (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."
- ends -
LEI: 213800GNI3K45LQR8L28
Enquiries:
GVC Holdings PLC | |
Kenneth Alexander, Chief Executive Officer | |
Rob Wood, Chief Financial Officer | |
Paul Tymms, Director of Investor Relations & Corporate Communications | (investors@gvc-plc.com) |
Media enquiries: | |
Buchanan Communications | |
David Rydell/Jamie Hooper/Hannah Ratcliff | Tel: +44 (0) 20 7466 5000 |
About GVC Holdings PLC
GVC Holdings PLC is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet; Games Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. The Group has also entered into a joint-venture with MGM Resorts to capitalise on the sports-betting and gaming opportunity in the US. The Group, incorporated in the Isle of Man, is a constituent of the FTSE 250 index and has licences in more than 20 countries, across five continents.
For more information see the Group's website: www.gvc-plc.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.