adbrokes and Coral owner GVC has entered into an agreement to sell its 50% stake in Sportium Apuestas Deportivas to joint venture partner Cirsa for £70 M (USD 87 M).
GVC, which acquired the stake through the purchase of Ladbrokes Coral last March, said it will become a B2B supplier to Sportium as part of the deal, Proactive Investors reports. Sportium contributed £2.5mln to GVC's proforma operating profit last year..
"GVC is one of the leading online gaming operators in Spain with bwin and the disposal of our interest in Sportium enables us to simplify our business in this market," chief executive Kenneth Alexander said.
"We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership."
The announcement comes a day after GVC reported a 5% rise in net gaming revenue for the first half despite this year's figures running up against the World Cup, which boosted last year's results.