GVC dispose of 50% interest in Sportium for €70m
GVC Holdings has announced that it has reached agreement to dispose of its 50% interest in 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.”