Bwin.Party Confirms Acquisition Offer from GVC Holdings

Bwin.Party Digital Entertainment released a pre-close trading update, which confirms an acquisition offer from GVC Holdings of 110p per share.

Group CEO Norbert Teufelberger said:

“Despite challenging comparatives together with the impact of EU VAT and POC tax, we are pleased with our business performance in the first half. We have completed our new organisational set-up and streamlined our decision-making processes, significantly improving our operational performance.

“Sports volumes are ahead of last year despite the 2014 World Cup, although poor sporting results drove gross win margins lower, holding back revenue performance in the period. Casino betting volumes have also remained strong and in poker we are closing the gap on last year. Our bingo revenue was in-line with last year but our UK business now attracts the POC tax that was introduced in December 2014.

“We have made good progress on the disposal of our non-core assets with World Poker Tour, Winners and United Games all sold during the second quarter and we have already reached our target range of Euro 30 million to Euro 50 million of disposal proceeds. As well as generating cash, these disposals are also helping us to reduce the complexity within our business.

“Our shift to a label-led structure is delivering the operational efficiencies we anticipated."

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