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GVC Holdings has announced that they're selling 50% interest in Sportium Apuestas Deportivas to Cirsa for €70 million, and will leave the Spanish retail market as a result.
The deal will see Cirsa taking full control of the business, and will use cash as well as agree to pay down loans and debt accumulated by the partnership. It hasn't been determined when the deal will be completed or what regulatory steps will need to be completed before the deal is done.
Commenting on the agreement GVC CEO Kenneth Alexander 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."