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TURKISH DEAL CLOSE FOR I.O.M. INTERNET GAMBLING GROUP
09th October, 2011 at 12:41:44
Media reports that GVC and Sportingbet are close to a deal
Without citing its informants, the British newspaper The Sunday Times reported over the weekend that the Isle of Man-based GVC internet gambling group is close to clinching the acquisition of Sportingbet
plc's Turkish operations. Both companies have reported their negotiations in the recent past (see previous reports).
Picking up on the story, the Reuters news agency noted over the weekend that such a deal would clear the decks for the Ladbrokes
group, which is intent on growing its online presence and is in talks with Sportingbet, reportedly with a view to acquisition or merger.
Analysts have speculated that the Turkish issues Sportingbet has faced could be an impediment to a clean deal with Ladbrokes, citing previous deals where Ladbrokes has retreated due to reservations about operating 'illegally' in legislatively difficult countries.
Ladbrokes and Sportingbet have been negotiating since the middle of the year, and the latest news from the stock market is that Ladbrokes has until October 17 to put a formal bid for Sportingbet on the table.
Related News Tags: Sportingbet, Ladbrokes
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