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Island company clinches £1.1bn deal for Bwin

Island company clinches £1.1bn deal for Bwin

An Isle of Man based company has had a massive takeover offer accepted.

GVC Holdings has spent months battling with rival 888 Holdings for online betting company Bwin.

Bwin - whose brands include Partypoker, Partycasino and Foxy Bingo – had originally agreed to an offer from 888, worth about £900 million, before GVC, which owns Sportingbet, fought back.

Bwin has now abandoned the 888 approach and accepted GVC's £1.1 billion offer, something it said was ‘fair and reasonable’.

Bwin said the GVC deal provided £120m additional value compared with the 888 bid.

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