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GVC Holdings PLC (LON:GVC) has earlier today posted a set of strong financial metrics for the first nine months of 2015, accompanied by an update on the progress of the proposed $1.7 billion acquisition of bwin.party Digital Entertainment Plc (LON:BPTY), owner of British CFD and spread betting broker InterTrader.
The agreement, reached on September 4, 2015, stipulates that GVC will acquire the entire issued and to be issued share capital of bwin.party for £1.116 billion. Following completion, bwin.party shareholders will own approximately 66.6% of the enlarged group.
In the update today, GVC said that the first draft of the prospectus has been submitted to the UK Listing Authority and the company expects that the final document will be posted in November 2015. This should enable completion of the transaction in early 2016. This indicative timeframe is conditional to receipt of outstanding regulatory approvals.
The update on the deal with bwin.party was released, as GVC posted a set of solid results for the nine months to September 30, 2015, with total net gaming revenue (NGR) averaging EUR 670,000 per day, up 11% against the same period a year earlier.
The company declaref its second interim dividend of 14€cents per share. The dividend will be payable on Monday, 2 November 2015, to shareholders on the register on Friday 16 October 2015.
To view the filing with the LSE, click here.