Sports betting and gaming group GVC has sold its 50 per cent interest in Sportium to joint venture partner Cirsa for a consideration of €70m.
The amount is payable in cash plus repayment of loans and distribution of excess cash. The deal is conditional on regulatory approval.
The interest in Sportium derived from the acquisition of Ladbrokes Coral in March 2018. Sportium is predominantly active in the Spanish retail betting market and in the financial year ending December 31 2018 contributed £2.5m to the group’s proforma operating profit. As part of the disposal, GVC will become a B2B supplier to Sportium.
Kenneth Alexander, CEO, said: “GVC is one of the leading online gaming operators in Spain with bwin and the disposal of our interest in Sportium enables us to simplify our business in this market.
"We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership.”
