GVC to dispose of Spanish joint venture

Gaming group GVC Holdings has agreed to dispose of its 50% interest in Spanish business Sportium Apuestas Deportivas to its joint venture partner, Cirsa.

GVC will receive €70m cash for Sportium, which it initially picked up an interest in by virtue of its Ladbrokes Coral acquisition back in March 2018, with Cirsa also covering repayment of loans and distribution of excess cash.

As part of the disposal, the FTSE 250 resident will become a B2B supplier to Sportium.

Chief executive Kenneth Alexander 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."

As of 0815 BST, GVC shares had dipped 0.18% to 601.49p.