8 July 2019
GVC Holdings PLC
(“GVC” or the “Group”)
Statement on Press Coverage
The GVC board of directors notes yesterday’s press coverage regarding the disposal of the Group’s Turkish-facing business (“the Disposal”) in 2017. The board highlights the following:
- The Disposal was subject to an arms-length competitive process, overseen by Houlihan Lokey investment bank.
- The details of the Disposal were fully disclosed on 2 November 2017 ‘Disposal’ and on completion on 20 December 2017 ‘Disposal Completion’.
- The walk-away from the Turkish earn-out was a specific condition of GVC’s acquisition of the Ladbrokes Coral Group plc being recommended by the Ladbrokes Coral Group’s board of directors, and was fully disclosed on 22 December 2017 within the ‘Rule 2.7 Announcement’.
The board today re-iterates the fact that subsequent to the Disposal of the Group’s Turkish-facing business, GVC has no activity either directly or indirectly linked to the Turkish market.
Furthermore, the board also categorically refutes suggestions that the Group, or senior management, continue to benefit from any operations servicing the Turkish market.
The business continues to perform strongly and is focused on taking a market leading position in the US and other regulated markets.
– ends –
GVC Holdings PLC
Kenneth Alexander, Chief Executive Officer
Rob Wood, Chief Financial Officer
Paul Tymms, Director of Investor Relations & Corporate Communications
David Rydell/Jamie Hooper/Hannah Ratcliff
Tel: +44 (0) 20 7466 5000
About GVC Holdings PLC
GVC Holdings PLC is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet; Games Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. GVC acquired Ladbrokes Coral Group plc on 28 March 2018 and is now the UK’s largest high street bookmaker, with over 3,400 betting shops. The Group has also entered into a joint-venture with MGM Resorts to capitalise on the sports-betting and gaming opportunity in the US. The Group, incorporated in the Isle of Man, is a constituent of the FTSE 250 index and has licences in more than 20 countries, across five continents.
For more information see the Group’s website: www.gvc-plc.com