News
888 agrees £898m acquisition deal
for bwin.party
DraftKings secures
innovative Staples
Center partnership
888 looks set to win the race to acquire
cash and 0.404 shares in 888, with each
rival online gaming operator bwin.party
shareholder given the option to vary the
after agreeing a cash and stock deal worth
amount they receive through the deal.
approximately £898.3 million ($1.4 billion).
888 executive chairman Brian Mattingley
GVC Holdings had in partnership with
said: “This is a transformational opportunity
Amaya Gaming already put forward
for 888 in the consolidating online gaming
an offer of 110 pence per share for the
industry, which is expected to grow
Under the agreement, DraftKings will
operator, a bid that valued the company at
significantly over the coming years.
work with staff at the arena to create
approximately £908 million.
“The Enlarged Group will benefit from
Despite bwin.party having responded
significantly enhanced scale, an improved
positively to the bid, stating that it would
product offering as well as significant cost
work with GVC to establish a final offer, the
and revenue synergies”.
operator has seemingly dropped its interest
Bwin.party chairman Philip Yea added: “A
Due to open in September of this year, the
in the bid in favour of 888’s proposal.
year ago we set out to explore industry
new 4,400sq ft facility will feature a network
888 has offered 104.09 pence per share, a
consolidation opportunities whilst working
of television screens, 15 Microsoft Surface
premium of 16.4% on the closing price on
to improve our core business.
Tablets and 4 iMacs, while additional
May 14 when the reverse takeover bid was
We have made substantial progress on
first made.
both counts and our announcement today
Under the terms of 888’s offer, bwin.party
marks the first step in a new phase in our
Guests that provide a DraftKings ID will
shareholders will receive 34.45 pence in
short history.”
gain access to special discounts on food,
DraftKings has struck a deal to be