GVC acquires bwin.party for $1.72 billion
GVC Holdings wins the drawn-out bidding war, despite bwin.party initially agreeing terms with 888 Holdings.
Back in July it looked like 888 Holdings were all set to complete the purchase of bwin.party for $1.4 billion.
However, GVC Holdings, the company behind Sportingbet, refused to give up in their attempts to acquire the company behind Party Poker.
Two months later and 888 Holdings have conceded defeat in their attempts to acquire the operator, unable to match the $1.72 billion offer from GVC Holdings.
Experts believe that GVC Holdings were so aggressive in their negotiations in order to acquire bwin.party's proprietary technology, as well as to expand in Asia and Africa.
This is just one of several huge mergers between gaming companies this year. Ladbrokes have merged with Gala Coral for £2.3 billion, and just last month Betfair and Paddy Power agreed terms on a £5.8 billion partnership.
