GVC Holdings has sold its Turkish business headlong Limited and all subsidiaries to Malta-based Ropso Limited, the company announced.
The €150 million sale is expected to be completed by the end of 2017. Following the completion of sale, GVC will operate Headlong’s business operations for a transitional period that will not ‘exceed a six-month’ period.
In 2016, Headlong and associated businesses generated approximately €35m of Clean EBITDA. In its market update, GVC said that Headlong and associated businesses had gross assets of €21m as at 31 December 2016, according to SBC News.
GVC said the sale comes after a strategic board review and a decision to concentrate growth within regulated markets. (CEO) commented on the update
“As the Group evolves, our focus is increasingly on regulated markets and markets where we believe there is a realistic path to regulation,” said GVC Holdings Chief Executive Kenneth Alexander in a press release, “Today’s disposal is consistent with this strategy and enhances GVC’s position as a leading operator in a rapidly developing industry.”
Some analysts told SBC News that the sale might be part of preparations for another attempt by the company to takeover competitor Ladbrokes Coral Plc. UK business news sources have reported that GVC governance would attempt its third multi-billion takeover bid for Ladbrokes-Coral after the UK government issued an October industry review on FOBTs wagering and advertising standards.
