888 joins bwin.party acquisition race

UK business news sources have reported that 888 Holdings are preparing a £1 billion takeover of igaming and sports betting operator bwin.party.

The news, follows last Friday’s media conformation by rival operator GVC Holdings of its acquisition interest in purchasing bwin.party entertainment in its entirety.

The 888 bid would likely be treated as a reverse takeover as bwin.party has a market capitalisation value of £785 million, compared to 888’s £600 million. UK newspaper The Sunday Times has placed 888 as the favourite to acquire bwin.party, as rival GVC Holdings capitalisation stands at the £300 million mark.

Having reported its best ever operating year for 2014, 888 a takeover target of William Hill in February has stated for a number of months that the company has been on the lookout for a potential sports betting focused acquisition. The acquisition of bwin.party sports betting division bwin.com would appear to fit the bill for 888 governance.

bwin.party’s governance had stated at the start of 2015, that it had begun talks with numerous parties regarding its potential sale. Governance had further noted that bwin.party could possibly look to sell-off its individual industry assets to interested parties.

Investment firm Deutsche Bank are handling acquisition interest on behalf of the operator, which has seen further rumoured interest of Canadian gambling group Amaya Gaming and igaming technology supplier Playtech.

At present UK news sources believe that the acquisition of bwin.party entertainment appears to be a two way shoot-out between 888 Holdings and GVC Holdings.