Sarossa subscribes for £2M of new GVC shares in connection with bwin.party deal


A follow-up on LeapRate’s story regarding the planned acquisition of bwin.party Digital Entertainment Plc (LON:BPTY), owner of British CFD and spread betting broker InterTrader, by GVC Holdings PLC (LON:GVC)…

GVC aims to finance the deal, which values bwin.party’s issued share capital at £1.116 billion, via €400.0 million (approximately £291.3 million) of senior secured debt provided by Cerberus, as well as via approximately £150.0 million (approximately €206.0 million) set to come from a placing of new GVC Shares to institutional investors, and a subscription of new GVC Shares by certain investors, under a fundraising at a subscription price of 422 pence per new GVC Share.

gvc_bwin_offerToday’s news concerns the fundraising via subscription for new GVC shares, as investment holding and management company Sarossa PLC (LON:SRC) has entered into an agreement with GVC to subscribe for 473,934 new GVC Shares at 422 pence per share.

The commitment is worth about £2.0 million. These 473,934 new GVC Shares would represent approximately 0.16% of GVC’s enlarged group issued ordinary share capital assuming full acceptance of the Offer.

Sarossa already has a holding of 343,053 GVC Shares equal to 0.56% of GVC’s existing issued ordinary share capital. After the subscription, Sarossa would hold a total of 816,987 GVC Shares, or 28%, assuming full acceptance of the Offer.

To view the official LSE filing, click here.

Related News

arrow

Sarossa subscribes for £2M of new GVC shares in connection with bwin.party deal

2

Send this to a friend