Key Takeaways
- The deal which includes a combination of cash and shares in a new 888 entity—incorporated in Gibraltar for the purpose of the acquisition—is worth just over $1.4 billion (£898.3 million).
- Each bwin.party share will fetch 39.45 pence in cash and 0.404 in new 888 shares.
- In the end, the bwin.party board decided against accepting a higher offer from GVC Holdings Plc (approximately £908 million).
- The company expects to save upwards of $70 million annually by the end of 2018 from cost synergies.
It was announced on Friday that it would be 888 acquiring bwin.party and not GVC.
The deal which includes a combination of cash and shares in a new 888 entity—incorporated in Gibraltar for the purpose of the acquisition—is worth just over $1.4 billion (£898.3 million).
