Sportingbet owner GVC wins bidding war for gambling site Bwin

The owners of British e-gaming operator Sportingbet are on track to acquire online gambling firm Bwin.Party after agreeing to the terms of an offer for £1.1bn.

Sky News reported that the deal, which was announced by Sportingbet owner GVC, brings to a close a bidding war for Bwin that has raged since last year and involved gaming website operator 888 Holdings.

Previously, 888 had been in the lead for the acquisition, as the Bwin board recommended an offer it made of £900m in cash and shares to the company’s shareholders.

The last flurry of bids came as Bwin last week invited GVC to make a formal offer on what it called its “best terms”. Following the invitation, GVC forwarded its offer on Friday, with 888 improving its own bid over the weekend.

Earlier this week, the Times reported that GVC was willing to make a hostile bid, by going directly to Bwin’s shareholders with an acquisition offer in the absence of a deal being agreed.