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Ladbrokes and Coral owner GVC to sell stake in Spanish business Sportium for €70mln

GVC said the disposal will allow it to simplify the business in Spain where it owns sports betting firm bwin

GVC
Sportium contributed £2.5mln to GVC's proforma operating profit last year

Ladbrokes and Coral owner GVC Holdings PLC (LON:GVC) has agreed to sell its 50% stake in Spanish retail betting business Sportium Apuestas Deportivas S.A. to joint venture partner Cirsa S.A. for €70mln.

GVC, which acquired the stake through the purchase of Ladbrokes Coral last March, said it will become a B2B supplier to Sportium as part of the deal.

READ: Ladbrokes and Coral owner GVC sees net gaming revenue rise in first half despite tough comps and UK rule changes

"GVC is one of the leading online gaming operators in Spain with bwin and the disposal of our interest in Sportium enables us to simplify our business in this market," chief executive Kenneth Alexander said.

"We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership."

Sportium contributed £2.5mln to the group’s proforma operating profit last year.  

The announcement comes a day after GVC reported a 5% rise in net gaming revenue for the first half despite this year's figures running up against the World Cup, which boosted last year's results.

Quick facts: GVC Holdings

Price: 889.2 GBX

AIM:GVC
Market: AIM
Market Cap: £5.18 billion
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