GVC Holdings targets Scandinavian growth with Betit Partnership

GVC Chief Executive Kenny Alexander

GVC Holdings, gambling operators of igaming brands Sportingbet, Casino Club and Betboo are set to enter the Scandinavian igaming market, with the announcement of a strategic joint venture partnership with Betit Securities Ltd.

GVC Chief Executive Kenny Alexander had been eyeing the expansion of GVC betting services in new territories; at the start of 2014 Alexander noted that the company had been studying potential operations in Asia and Scandinavia.

GVC said Wednesday that it has now entered into a joint venture agreement with Betit Securities, via a new company known as Betit Holdings Ltd

“GVC’s commitment to expansion without undermining the current level of dividend is represented in this investment. The lucrative Scandinavian market has been on our radar for some time,” Alexander said in a statement Wednesday.

Under the deal, GVC will pay an initial upfront commitment of EUR3.5 million of out of free cash flow for a 15% in the joint venture, and it also has a call option to acquire the balance of the outstanding shares, which can be exercised between July 1 and September 30, 2017. GVC said it will also be taking a seat on the board of Betit Holdings.

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