GVC Holdings turns down approaches for bwin.party assets

foxybingoUK newspaper the Daily Telegraph has reported that GVC Holdings governance has rebuffed a number of offers interested in acquiring its bwin.party Entertainment assets.

The Aim listed operator, stated to the newspaper that it had been approached by interested parties in the potential sale of UK bingo operator Cashcade and its B2C brand Foxy Bingo.

GVC had received further interest in the potential sale of payment processing division, Kalixa Payments.

CEO Kenneth Alexander stated that although the interest in the assets had been revised, talks with parties did not progress beyond preliminary stages.

Alexander further added that GVC governance were fully focused on effectively merging bwin.party assets and operations with GVC portfolio of industry brands, which would drive the operator into the FTSE 250.

GVC governance now moves to formally complete its hard fought £1.1 billion acquisition of bwin.party (bid won on 4 September), which it hopes to announced shortly. The acquisition saw GVC secure a €400 million loan from private equity firm Cerberus Capital Management.

Acquired asset Cashcade (bingo), was the only bwin.party product division not to post a revenue decline in Q3 2015, reporting a 5% gross revenues increase of €12.7 million.

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