One of the biggest deals in the financial year
An Island e-Gaming company is at the centre of one of the industry's biggest acquisitions of the financial year.
Island-based sports betting company GVC Holdings PLC has announced a successful takeover of bwin.party Digital Entertainment.
GVC, whose headquarters are on Athol Street in Douglas, made a deal with the firm to the tune of £1.2 billion last September following a lengthy bidding war with several other international companies.
It's now been publicly listed on the Main Market of the London Stock Exchange.
The deal will see GVC acquire the entire issued and to-be issued ordinary share capital of BWIN - the company behind online name-brands such as Party Poker and World Poker Tour.
Douglas-based offshore law firm DQ Advocates Ltd also acted as the sole Isle of Man legal adviser to GVC during the process.
GVC's Chief Executive Kenneth Alexander described it as a 'natural' partnership, adding that both parties hope the merger will allow them to pursue further growth and cut operational costs by up to £100m.
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