GVC buys Aussie peer Neds Intl for £52m
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16:40 26/04/24
Betting group GVC Holdings said it had bought Australian peer Neds International for up to AUD $95m (£52m).
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Neds launched in 2017 and is expected to achieve $1bn of wagers and gross gaming revenue of $100m in the year to 31 December 2018, GVC said.
Anticipated synergies from combining the respective operations are $16m on an annualised basis and fully realised in 2021, while the acquisition is expected to be earnings accretive from 2020, it added.
“Australia is a core market for the group and one that continues to grow strongly. Scale is increasingly important and the combined businesses will become a top three player and the deal represents a key development in our ambition to be a market leader in Australia,” the company said in a statement.
“In addition to scale, Neds' proprietary technology complements and enhances the group's existing operations in Australia.”