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888 trumps GVC with $1.4 billion bid for

c by agreeing a deal to buy fellow operator for £898.3 million ($1.4 billion).

The deal was announced to the stock market this morning. It’s a huge achievement for the casino operator, given that before the announcement 888 had a market capitalisation of approximately £570.8m.

888 believes that the deal will provide significantly enhanced scale, an enhanced product offering and significant cost and revenue synergies. It is expected that such cost synergies will amount to not less than US$70 million per annum (before tax) by the end of the 2018 financial year. The cash needed for the deal will be financed through a new US$600 million term loan credit facility.

 “This is a transformational opportunity for 888 in the consolidating online gaming industry, which is expected to grow significantly over the coming years.  The Enlarged Group will benefit from significantly enhanced scale, an improved product offering as well as significant cost and revenue synergies,” said Brian Mattingley, executive chairman of 888.

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