This was a hot summer for poker players from all over the world, but also casino and sports betting fans with account that bwin.party.
They were waiting to see whether the company will be finally acquired by GVC Holdings, after the gambling group made consecutive offers.
All of them were generous but they got turned down by their potential business partners, until today when the correct price was paid.
The acquisition will set GVC Holdings back $1.71 billion, which is a huge amount but apparently worthwhile for running bwin.party. These guys have been around for such a long time that they project an image of confidence among players from all walks of life.
They also have a healthy customer base and it should be pretty easy to build on its popularity to expand it even further.
GVC Holdings has high expectations and is overly optimistic about his chances to enjoy a generous return on investment despite spending $1.71 billion. The next step is to merge the two operations in order to deliver a better value in the long run and significant steps were made in this direction.
The takeover was carefully planned and since 2014 when the first attempts were made, there were several companies who announced their intention to enter the race.
A lot of money was brought on the table, but the bwin.party’s board didn’t succumb to pressure, knowing that their group is worth even more. The negotiations stalled for several months and the ones who enter the race earlier were regarded as favorites. 888 Holdings was frequently cited as the one to win the competition, but the offer of $1.4 billion proved to be too small for their expectations.
GVC was adamant in its quest of acquiring the gambling giant and when things didn’t go according to the plan, they even contemplating the possibility of a hostile takeover. There were few reasons for walking down the path, since they had the better offer, but nothing was excluded by from the start.
This strategy was eventually unnecessary, because bwin.party Group representatives found it worthwhile to accept the final offer of $1.71 billion.
The money was already paid new investments are down the drain, as the new owners plan to complete a major overhaul of the flagship company. 2015 and the first quarter of 2016 are going to be critical, so stay posted for the latest updates on this topic.