bwin.party confirms £900M bid from rivals GVC
London based GVC Holdings teams up with Canadian giants Amaya Gaming to fund the takeover.
There have been numerous rumours circulating about a takeover since bwin.party put itself up for sale last year, and roughly 8 months on it seems they've found a suitable buyer.
It emerged earlier this week that British gaming operator GVC Holdings had made a £900M bid - equal to 110 pence per share - to acquire bwin.party digital entertainment in its entirety; and after a statement from the bwin.party board today it appears as though a deal is close to being finalised:
"The board has considered the GVC proposal, the benefits of which it believes can accrue to bwin.party shareholders from a combination of the two companies and the commitment shown to resolving a number of transaction-related issues, and has determined to work with GVC so that they can finalise their offer over the coming days."
However, both companies are still stressing that there "can be no guarantee" a formal transaction will be made, and that further announcements on developments will be made in due course.
Amaya to help GVC raise funds
Although Canadian company Amaya Gaming - which owns both of online poker's biggest brands in PokerStars and Full Tilt - started out as a rival to GVC when the race to acquire bwin.party ignited back in November, the two firms have now joined forces.
Amaya, which is understood to be interested in bwin.party's sportsbook and poker assests, would be able to enter the US online poker market for the first time since Black Friday if the deal is successful, as bwin.party asset partypoker currently operates legally in New Jersey.
A successful acquisition would also end any chance of Amaya's rivals 888 Holdings - which is also rumoured to be interested in purchasing bwin.party - strengthening its position in the market.
