24th of January 2013 Author: Johnny Karp
The latest stock exchange reports note that online and land gambling group Ladbrokes has finally closed a deal on the acquisition of betting exchange Betdaq from Irish multi-millionaire owner Dermot Desmond for a consideration of Euro 30 million.
There's already an existing relation between the two companies - Desmond's investment portfolio includes a 2 percent stake in Ladbrokes and they also have a commercial relationship, through which Ladbrokes uses the betting exchange to hedge bets.
Based on the agreement, parent company Global Betting Exchange Alderney, the operator of the Betdaq exchange business, will be sold on a cash free/debt free basis.
In addition, Ladbrokes will also acquire from TBH a 10 percent stake in TBH Guernsey Limited, the technology provider to GBEA, for which it will pay another Euro 4 million, with a call option to acquire the remaining shares in TBHG after four years.
This first successful transaction for Ladbroke CEO Richard Glynn is expected to complete in late February 2013.
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