GVC buys Australia s Neds International
GVC Holdings has acquired Neds International for an initial AUS$68m (US$49m), with the fee potentially rising to AUS$95m.
The online sports betting operator only launched in 2017 but has impressed prospective investors with a rapid growth rate, which has led to an expected AUS$1bn in wagers and AUS$100m in gross gaming review for 2018.
The deal will boost GVC-owned Ladbrokes’ business in Australia, with GVC expecting the combined businesses to become a "top-three player" within the Australian market.
The operator anticipates annual synergies of AUS$16m, which will be fully realised in 2021, and expects the acquisition to be earnings accretive from 2020.
Kenny Alexander, GVC CEO, said: "Australia is a core market for the Group and today's acquisition further strengthens our position. Neds is an exciting business, with talented people and enables us to further grow market share through two differentiated brands."
Dean Shannon, Neds Executive Chair, said: "GVC is a natural fit for the Neds business, we share the same entrepreneurial ideals, while delivering market leading products and service to our customers."