Online operators 888 and bwin.party have issued a joint statement confirming an agreement for 888 to acquire its rival for 39.45p a share in cash plus 0.404 new 888 shares for each bwin.party share, valuing the deal at £898.3m.
The agreement follows weeks of negotiations and a vigorous rival bid from GVC, backed by Amaya Gaming. In a joint statement 888 and bwin.party said the offer represents “a transformational opportunity” for the companies and offers the potential to enhance shareholder value.
“By combining the complementary businesses of 888 and bwin.party, the 888 board and the bwin.party board anticipate that the enlarged group will benefit from significantly enhanced scale, an enhanced product offering and significant cost and revenue synergies,” the statement read.
