Online gambling investment firm GVC Holdings has confirmed to the media, that it has submitted a proposal for the acquisition of bwin.party entertainment in its entirety.
GVC Holdings this morning released a short corporate statement confirming its actions and interests with regards to bwin.party. A bwin.party counter statement would confirm the interest of GVC’s acquisition proposal, and would further state the operator was in discussion with other interested parties.
GVC has further detailed that If the proposed transaction were to be approved, the acquisition would be treated as a reverse takeover due to the size of bwin.party relative to the acquiring company and, in order for the proposed transaction to proceed, it would require the approval of GVC shareholders.
GVC was outlined as a potential acquiring operator of bwin.party in March, after reporting record performance growth for GVC operators CEO Kenneth Alexander stated that the company was eyeing up potential acquisitions.
Struggling online gambling operator bwin.party’s governance had stated at the start of 2015, that it had begun talks with numerous parties regarding a potential sale. Governance had further noted it could possibly look to sell-off individual assets to interested parties.
Throughout 2015, bwin.party has stated that it continues to re-structure its operations and reorganise its corporate strategy as the operator looks to recover lost ground within European igaming markets.