Spain’s National Commission on Markets and Competition (CNMC) has approved the acquisition of Sportium, which will be bought by Group CIRSA.
Spain.- The National Commission on Markets and Competition (CNMC) from Spain has given the green light to Sportium’s acquisition. Grupo CIRSA will buy Ladbrokes’ 50% joint-venture shareholding for approximately €70 million.
The CNMC approval means that CIRSA will control the biggest network of betting shops in Spain. The company will be in charge of around 3,000 retail betting points in the country.
The authority said that CIRSA made clear some concerns that CNMC had in regards to competition, market pricing and potential competitor restrictions, as well as consumer infringements.
GVC Holdings-owned Ladbrokes was part of a lawsuit in which CIRSA urged the company to sell its stake in Sportium. It argued that its business had been affected by the GVC €4.5 billion takeovers.
In order to avoid legal problems, GVC agreed to sell the 50% stake to CIRSA for €70 million in cash. Kenneth Alexander, CEO of GVC Holdings, said: “GVC is one of the leading online gaming operators in Spain. Bwin and the disposal of our interest in Sportium enables us to simplify our business in this market. We’ve enjoyed a good working relationship with Cirsa and are happy to support them through a new B2B partnership.”