Sportingbet's Turkish exit confirmed
All conditions satisfied by shareholders of London-listed bookmaker and Superbahis buyer GVC Holdings.
The disposal of Sportingbet’s Turkish business to AIM-listed operator GVC Holdings is set to be officially completed this evening, more than one month after the sale was initially agreed upon.
An agreement to sell Superbahis to GVC-backed East Pioneer Corporation for a minimum consideration of £125m was first made on 14 October, following talks dating back as far as August.
At the time the deal was described by Sportingbet CEO Andy McIver as “The last piece of the jigsaw”, with regulation in Spain and Denmark expected to push the company’s share of revenues from regulated markets up towards 70%.
It followed the breakdown of takeover talks between Sportingbet and Ladbrokes, with the latter citing “legacy risk” issues – chief among them Sportingbet’s presence in Turkey – as its motivation for pulling out of a bid.
GVC’s shares had been suspended in August once negotiations over Superbahis began, but were readmitted to trading at the end of last month after the publication of a services agreement regarding the purchase.
Now, following the approval of shareholders of both companies, Sportingbet’s disposal of its Turkish business is expected to complete after market close tonight.