Cirsa acquires the other 50 % of Sportium to Ladbrokes for 70 M Euros
Friday 19 de July 2019 / 01:25
⏱ 1 min read
(Spain).- GVC Holdings, the UK company that owns Ladbrokes Coral, has announced an agreement to sell its 50% in Sportium Apuestas Deportivas to Cirsa, the Spanish gaming company controlled by the risk capital firm Blackstone.
The price of the operation, pending regulatory authorization, is 70 million euros. Cirsa will own the 100% of the capital. This way, it concludes a conflict on an arbitration court that faced two Sportium partners, a society that manages a network from a betting house in Spain, created in 2013 by Cirsa and Ladbrokes.
As informed by Expansión last May 7th, Cirsa had demanded an activation of a clause for change of control of Ladbrokes Coral, which was acquired in 2018 by GVC. That clause granted Cirsa the right to buy the 50% of its partner at a market price. Besides, Ladbrokes alleged that Cirsa has also changed control in 2018, when Blackstone acquired Manuel Lao company.
Despite starting the arbitration procedure, the two parties had maintained friendly talks to solve the issue. GVC aim after this operation is to focus on Internet gaming, through brands such as BWin. In the UK, the company is preparing a plan to close a great nombre of stores.
According to Kenneth Alexander, delegate council of GVC, "the sale of its share on Sportium will enable to simplify the business in Spain, where bwin is one of the online leaders. We have enjojed a good relationship with Cirsa and we are delighted to keep on supporting them through a new agreement as Sportium provider."
In 2018, Sportium contributed with 2,5 million pounds to GVC operational benefit . With a network of 3,000 stores, the Spanish network managed 753 million in bets in 2017, both on their stores and in Internet.
Categoría:Sportsbook
Tags: Sportium, Sports Betting, Sportsbook , Online Betting, CIRSA, Ladbrokes,
País: Spain
Event
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