Big money in bwin bids

The Reuters news agency has updated the available information on the projected sale of Bwin Party Digital Entertainment, reporting that around $1.7 billion could be involved in attempts to take the company over.

In a new report, the news agency reports that the much-publicised GVC Holdings Euro 1.5 billion bid is in concert with Canada’s Amaya Inc., and consists of cash and GVC shares.

Earlier today (Monday) 888 Holdings advised that it intended to make a bid for Bwin Party, setting the scene for a bidding war. 888’s offer has not so far been disclosed.

The acquisition interest has provided a boost for the Bwin share price, which was up almost 8 percent midday Monday.

Reuters puts GVC’s market value of about $440 million, 888 of roughly $947 million and Amaya of around $3.6 billion.

GVC is no stranger to joint acquisition projects; in 2013 the company partnered with William Hill plc to take over Sportingbet – William Hill took the Australian and Spanish operations of the company, with GVC taking on the rest of its business.

Amaya has not commented on the speculation that it is in a deal joint acquisition move with GVC.