888 Buys Bwin.Party for USD 1.4 Billion
The hunt for Bwin.Party is finally over. 888 buys Bwin.party Digital Entertainment Plc for a fee of USD 1.4 Billion, as it was announced by the parties involving in the deal.
888 Holdings Plc will transfer the payment in a package containing cash and shares. It is somehow surprising after it was revealed last week, that a deal is about to strike with GVC Holdings Plc. It was also reported that GVC offered a slightly more lucrative compensation package. As 888 buys Bwin.Pary, the transformed company will expectedly be one of the biggest online gambling operators in the world. It will boost their incomes as well as providing a considerable cost cut.
Reuters.com: Online gambling firm 888 wins $1.4 billion battle for Bwin.party
Online gambling firm 888 buys Bwin.Party, gambling news report. 888 Holdings Plc will pay a cash and stock package for Bwin.Party Digital Entertainment. The deal is estimated at around GBP 898 million (USD 1.4 billion), according to major gambling blogs.
There was an ongoing battle to take control of Bwin.Party for some time. Representatives of Bwin.Party revealed recently that GVC Holdings Plc made an approach in July. GVC submitted an offer with a cash and stock package bearing a similar value to the one that 888 Holdings got the nod for.
888 Executive Chairman Brian Mattingley expects that by the agreement they will form the one of the biggest web-based gaming operators in the world. He said, “We believe the deal creates one of the world’s leading online gaming operators. It’s all about scale… When you’ve got critical mass you can ride storms and take advantage of opportunities as they come along.”
BBC.com: Online gambling firm 888 buys Bwin.party for £898m
888 Holdings won the race for acquiring Bwin.Party eventually. 888 buys Bwin.Party for a reported GBP 898 million cash and stock suite. The parties were discussing a possible deal since May, as keen followers of gambling facts might know.
The takeover that was announced on Friday will be expectedly concluded by early 2016. Brian Mattingley, 888’ Executive Chairman has great expectations regarding the deal. He said, “This is a transformational opportunity for 888 in the consolidating online gaming industry, which is expected to grow significantly over the coming years.”
Two members from Bwin’s board will join the 888 board after the deal was concluded. Liz Catchpole, who is Bwin’s independent non-executive director and chair of the company’s audit and risk committee, will become an 888 independent non-executive director. Chief Financial Officer Martin Weingold will take up a non-executive director role. Norbert Teufelberger, the CEO of Bwin will not join 888 however he will provide consultancy services for the transformed company.
The Guardian: 888 Agrees $1.4 Billion Takeover of Bwin.party to Thwart GVC
After it was agreed, 888 buys Bwin.Party. The deal that involves a cash and share package will reportedly worth GBP 898.3 (USD 1.4 billion). According to online mobile news, GVC Holdings Plc was favorite to take over Bwin.party Digital Entertainment Plc, after submitting an even more lucrative offer recently. It was about GBP 906.5 million, as representatives of GVC revealed.
Peel Hunt analyst Nick Batram wrote, “The deal is strategically compelling for 888 and they look to have secured Bwin.party for a reasonable price and efficient structure. There would appear to be room for GVC to come back, but 888 now looks firm favorite.”
It is expected that the deal will increase the incomes of 888, and it also comes with some cost savings estimated around USD 70 million per year. Panmure Gordon analyst Karl Burns said, “The acquisition is likely to be significantly value accretive for shareholders. The combined group is likely to be highly cash generative, potentially allowing for future shareholder returns.”
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The hunt for Bwin.Party is finally over. 888 buys Bwin.party Digital Entertainment Plc for a fee of USD 1.4 Billion, as it was announced by the parties involving in the deal.
888 Holdings Plc will transfer the payment in a package containing cash and shares. It is somehow surprising after it was revealed last week, that a deal is about to strike with GVC Holdings Plc. It was also reported that GVC offered a slightly more lucrative compensation package. As 888 buys Bwin.Pary, the transformed company will expectedly be one of the biggest online gambling operators in the world. It will boost their incomes as well as providing a considerable cost cut.
Reuters.com: Online gambling firm 888 wins $1.4 billion battle for Bwin.party
Online gambling firm 888 buys Bwin.Party, gambling news report. 888 Holdings Plc will pay a cash and stock package for Bwin.Party Digital Entertainment. The deal is estimated at around GBP 898 million (USD 1.4 billion), according to major gambling blogs.
There was an ongoing battle to take control of Bwin.Party for some time. Representatives of Bwin.Party revealed recently that GVC Holdings Plc made an approach in July. GVC submitted an offer with a cash and stock package bearing a similar value to the one that 888 Holdings got the nod for.
888 Executive Chairman Brian Mattingley expects that by the agreement they will form the one of the biggest web-based gaming operators in the world. He said, “We believe the deal creates one of the world’s leading online gaming operators. It’s all about scale… When you’ve got critical mass you can ride storms and take advantage of opportunities as they come along.”
BBC.com: Online gambling firm 888 buys Bwin.party for £898m
888 Holdings won the race for acquiring Bwin.Party eventually. 888 buys Bwin.Party for a reported GBP 898 million cash and stock suite. The parties were discussing a possible deal since May, as keen followers of gambling facts might know.
The takeover that was announced on Friday will be expectedly concluded by early 2016. Brian Mattingley, 888’ Executive Chairman has great expectations regarding the deal. He said, “This is a transformational opportunity for 888 in the consolidating online gaming industry, which is expected to grow significantly over the coming years.”
Two members from Bwin’s board will join the 888 board after the deal was concluded. Liz Catchpole, who is Bwin’s independent non-executive director and chair of the company’s audit and risk committee, will become an 888 independent non-executive director. Chief Financial Officer Martin Weingold will take up a non-executive director role. Norbert Teufelberger, the CEO of Bwin will not join 888 however he will provide consultancy services for the transformed company.
The Guardian: 888 Agrees $1.4 Billion Takeover of Bwin.party to Thwart GVC
After it was agreed, 888 buys Bwin.Party. The deal that involves a cash and share package will reportedly worth GBP 898.3 (USD 1.4 billion). According to online mobile news, GVC Holdings Plc was favorite to take over Bwin.party Digital Entertainment Plc, after submitting an even more lucrative offer recently. It was about GBP 906.5 million, as representatives of GVC revealed.
Peel Hunt analyst Nick Batram wrote, “The deal is strategically compelling for 888 and they look to have secured Bwin.party for a reasonable price and efficient structure. There would appear to be room for GVC to come back, but 888 now looks firm favorite.”
It is expected that the deal will increase the incomes of 888, and it also comes with some cost savings estimated around USD 70 million per year. Panmure Gordon analyst Karl Burns said, “The acquisition is likely to be significantly value accretive for shareholders. The combined group is likely to be highly cash generative, potentially allowing for future shareholder returns.”
- 50% Signup Bonus
- Parlay Payback
- Prop of The Week Rewards
- Weekly Racebook Rewards
- Refer a Friend Bonus
- Top Coverage of US Sports
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- Back of the Net (free bet up to £25)
- Aintree Grand National 2014: Non-Runner Free Bet
- Live Streaming Games
- Horse Racing - Best Odds Guaranteed
- Horse Racing - Live Racing on Your PC
Tags: 888 buys Bwin, 888 Buys Bwin.Party, 888 Holdings, bwin.party, gambling blogs, gambling facts, gambling news, Online mobile news