StockMarketWire.com - Gambling group GVC said it had reached an agreement to sell its 50% stake in Sportium Apuestas Deportivas to joint venture partner Cirsa S.A. for €70m.

The stake in Sportium derived was acquired through the acquisition of Ladbrokes Coral in March 2018. Sportium is predominantly active in the Spanish retail betting market and in the financial year ending 31 December 2018 contributed £2.5m to the group's proforma operating profit.

As part of the sale, GVC would become a B2B supplier to Sportium.

The deal is conditional on regulatory approval, the company said.

'GVC is one of the leading online gaming operators in Spain with bwin and the disposal of our interest in Sportium enables us to simplify our business in this market. We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership,' the company said.




At 8:33am: [LON:GVC] GVC Holdings Plc share price was -7.2p at 595.4p



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