Operator shareholders have unanimously voted in favour of the bwin.party and GVC merger proposal.
In UK gambling news, bwin.party has officially announced that its shareholders have given their undisputed approval to the acquisition of the company by GVC Holdings. A bwin.party and GVC merger has been in the works since September, when GVC made a £1 billion deal with the online gambling operator. The agreement is now well underway, with bwin.party’s announcement that 99.99% of its shareholders support the proposal scheme, which is arranged under Part VIII of the Companies Act 2014.
There are still hurdles ahead for the bwin.party and GVC merger
Before the online gambling sites in the UK merger can go ahead, bwin.party and GVC must have a court hearing for their proposal in order to receive a sanctioning. In a statement issued by bwin.party, the operator estimated that the hearing will take place January 29th.
Should they be granted the sanction, they will fulfill GVC’s October predictions that the two will begin merging corporate assets by early 2016. The operational integration for the bwin.party and GVC merger will be led by Shay Segev, the new chief operating officer of GVC.