GVC acquires Neds International for up to US69 million
Last Thursday, GVC confirmed the purchase of Neds International for up to US69 million.
Neds International, a relatively new entrant into the Australian digital sports betting market, was launched in 2017. The business had grown rapidly and was expected to achieve US700 billion of wagers and gross gaming revenues of US72.5 million in the year to 31 December 2018.
The acquisition is expected to bolster GVS's operations in Australia, which represented a core market for the group, the company said.
Anticipated synergies from the integration of Neds was estimated at US11.5 million on an annualised basis and fully realised in 2021, GVC added.
'Australia is a core market for the Group and today's acquisition further strengthens our position. Neds is an exciting business, with talented people and enables us to further grow market share through two differentiated brands,' said Kenneth Alexander GVC, CEO.
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