888 Casino takes over Bwin
The online betting firm, 888 Holdings finally managed to win the bid of acquiring Bwin. Party Digital Entertainment after beating GVC Holdings in purchasing the firm.
It is said that 888 Holdings made an offer of £898 million which included a price of 104.09p per share in cash and stock. The offer was enough to oust their competitor.
Brain Mattingley, the CEO of 888 Holdings commented,
This is a great opportunity that will transform the firm to expected growth in the upcoming years. The enlarged group will surely improve product and services as well as increasing revenue.
Philip Yea, the Chairman of Bwin.Party further added,
It has been a year since we’ve been looking for a consolidation opportunities in this industry so as to improve our core business. We have made great progress and the announcement today marks a great step in our short history.
Bringing the two groups together, this will surely boost revenue as well as delivering substantial premium to shareholders and also creates a strong player with the breadth of brands, product and geographic coverage will grow faster. Our management team looks forward to work with the new team and aim to deliver substantial potential in this industry.
According to the acquisition deal, 888 Holdings has issued new shares so as to take over Bwin.Party with 888 Holdings owning a stake of 51.15 of the company and Bwin holding a stake of 49%. In addition, both firms will consolidate their poker operations and they hope it will be strong to compete against Full Tilt and Pokerstars owned by Amaya.
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