BwinParty have confirmed the 1st February 2016 as the date when GVC Holdings will complete their acquisition of the company. This news finally comes after what has been an extended bidding feud between GVC and 888 to buy control of BwinParty; a bidding war that GVC finally won in September 2015.
GVC announced in October, that they anticipated the takeover would occur sometime in early 2016, a prediction that appears to have been very accurate given the recent announcement.
The GVC Holding/888/Bwin Saga
GVC managed to purchase BwinParty for a £1.1 Billion sum, finally outdoing 888 in the almost year long bidding war. It was only back in July, that 888 had struck a £900 Million deal to buy BwinParty, which had been under serious consideration, until GVC managed to outbid 888 with their final sum.
This marks the first completion of the major acqusition deals from 2015. The other major merger is between Paddy Power and Betfair, to create Paddy Power Betfair. This merger was agreed by shareholders back in December, with the merger expected to complete in Q1 2016. If it all goes to plan, it should be announced and occur somewhere near the date of the BwinParty acquisition.
With the big deals of 2015 coming to fruition, it looks like the predicted changes we expect to stem from these huge mergers, are finally coming to shape the gambling industry for the coming year, and years to come.