17th Jul 2015 05:30
LONDON (Alliance News) - 888 Holdings PLC is close to completing a deal to acquire FTSE 250-listed online gaming rival Bwin.Party Digital Entertainment PLC and could announce an agreement as early as Friday, the Financial Times reports.
AIM-listed GVC Holdings PLC submitted an offer to buy Bwin.Party for GBP906.5 million last week in a bid backed by Canadian gaming company Amaya Gaming Inc, but two people close to the matter said 888 now looks set to pip GVC to the post, the FT said.
The pair have been competing to acquire Bwin.Party in recent months amid a wave of consolidation activity in a gambling industry, where profits have been suppressed by new taxes on online gambling and a need to invest in marketing and technology.
https://next.ft.com/2eaeba14-2be2-11e5-acfb-cbd2e1c81cca
By Sam Unsted; [email protected]; @SamUAtAlliance
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