Update: Sportingbet Acquisition Completed

The acquisition of Sportingbet plc has been completed, said GVC Holdings plc, which has acquired the company together with William Hill plc – a famous bookie that has bought Sportingbet's Australian business and has been granted a call option over Sportingbet's Spanish business. "The acquisition of Sportingbet is a transformational deal. It consolidates GVC's position as one of the leading operators in these markets and should provide scope for considerable growth,” said Kenneth Alexander, CEO of GVC Holdings plc, adding: "Over the next 18 months, the GVC Board will be focused on integrating and restructuring the Sportingbet business and leveraging its market leading sportsbook platform and trading team. We look forward to working with our new colleagues and believe that the enlarged group has an exciting future." Reportedly, the admission of the existing GVC shares will be cancelled and the enlarged issued share capital of GVC will be re-admitted to AIM at 8.00 a.m. on 20 March 2013.