Tuesday May 19,2015 : G.V.C. CONFIRMS AMAYA PARTNERSHIP IN BWIN PARTY BID (Update)
Bid to be jointly financed by Amaya and GVC.
GVC Holdings issued a press statement Tuesday morning confirming that its acquisition bid for Bwin Part Digital Entertainment is in partnership with the Canadian online gambling group Amaya Inc.
"GVC confirms that the execution of this proposal would be jointly financed by GVC and Amaya, Inc.," the statement advises.
Amaya as at the close of business on 15 May 2015 had a market value of approximately CAD $4.31 billion and is the Toronto Stock Exchange listed owner of gaming and related consumer businesses, with brands including PokerStars, Full Tilt and the European Poker Tour.
London media reports, quoting sources close to the GVC-Amaya initiative, said that the combined offer would involve a new company, which will be created for the purposes of the deal with GVC shares and Amaya cash. If the bid is successful, this new vehicle would purchase Bwin.
Following a possibly two-year turnaround and restructuring project, to be led by GVC management, the new company would sell off Bwin’s assets.
The sources speculated that GVC would purchase the sportsbook, while Amaya would buy the online poker business. Alternatively, the new-look company could be spun off and sold into the wider marketplace.