SpringOwl Gibraltar Partners has agreed to acquire a stake in bwin.party.
The company, which is managed by investment advisor Cumberland Associates, is to acquire over 49 million ordinary shares in bwin.party, representing approximately 6.1 per cent of the capital of bwin, from Emerald Bay and Stinson Ridge.
As part of the transaction, SpringOwl will have the right to appoint one director to the bwin board.
The transaction is anticipated to be completed within the next two weeks. Following the finalisation of the deal, SpringOwl said it may sell shares representing approximately one per cent of the issued capital of the company.
