Tuesday March 19,2013 : WILL HILL AND GVC COMPLETE SPORTINGBET ACQUISITION (Update)
Having completed all formalities and obtained shareholder approval, deal is now done
GVC Holdings plc, a provider of B2B and B2C services to the online gaming and sports betting markets, announced late Tuesday that it has completed the acquisition of Sportingbet plc.
The acquisition was made as part of a recommended offer for Sportingbet by GVC and William Hill plc .
William Hill plc has acquired Sportingbet's Australian business and has been granted a call option over Sportingbet's Spanish business.
Kenneth Alexander, CEO of GVC Holdings plc, commented: "The acquisition of Sportingbet is a transformational deal. It consolidates GVC's position as one of the leading operators in these markets and should provide scope for considerable growth.
"Over the next 18 months, the GVC Board will be focused on integrating and restructuring the Sportingbet business and leveraging its market leading sportsbook platform and trading team. We look forward to working with our new colleagues and believe that the enlarged group has an exciting future."
It is expected that admission of the existing GVC shares will be cancelled and that the enlarged issued share capital of GVC will be re-admitted to AIM at 8.00 a.m. on 20 March 2013.