GVC Holdings Proposed Acquisition Of Bwin.Party Will Be Change In Scale
Edison | Nov 22, 2015 06:48AM ET
A step change in scale
The proposed acquisition of Bwin.Party Digital Entertainment (L:BPTY) will be a step change in scale for GVC Hldgs Plc (L:GVC) in a consolidating online gambling market, diversifying it by product and geographically. Management already has a track record of success with Sportingbet (acquired in 2013), including resuming dividends earlier than originally expected. The prospectus sets out a clear plan to achieve the target €125m of synergies, not just through cost cutting, but also by bringing a more entrepreneurial culture to bwin.party’s operations.
Enlarged group will be a leading online operator
Annualising Q315 results, the enlarged group has pro forma revenues of €781m (£550m) and will be the fifth largest online gambling operator in a market where scale is becoming increasingly important. bwin.party brings in a well-invested, highly-scalable gaming platform and strong brands. The enlarged group will be more diversified, with 50-60% of pro forma revenues generated in markets that are regulated or nationally taxed and no individual unregulated market more than 8%.
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