GVC sells Turkish operations

The British company revealed that it will sell its operations in Turkey for up to US$175 million.

Turkey.- GVC Holdings, the online gambling company, announced the selling of its Turkish operations for US$175 million. The move is believed to be part of a series of measures to accommodate the company in case of a potential takeover of Ladbrokes Coral or another operator.

The British company said that it agreed to pass its Turkey business to Ropso Malta, an IT services provider for GVC’s Turkish operations. The operations in Turkey were an obstacle to the company when it agreed a takeover with Ladbrokes.

GVC Chief Executive Kenny Alexander said: “Turkey was an issue that I feel we could have resolved (with Ladbrokes). If we wanted to participate in consolidation, be it Ladbrokes or anybody else, or be a target ourselves, then this (the Turkey sale) is clearing the path for that.”

The official said that they’re not expecting a deal with a competitor until the UK finished the consultation process on FOBTs stakes. “There are a number of other potential M&A targets that we could look to explore and don’t be surprised if it’s not Ladbrokes,” he added.