British betting firm GVC buys rival Bwin for £1.1 bn

London

British online betting company GVC has bought its rival Bwin.party for £1.1 billion (1.5 billion euros, $1.7 billion), the companies said on Friday.

The cash and shares takeover comes after a four-month battle between GVC and 888, another online gambling firm which had offered £900 million for Bwin.

Bwin, which is based in Gibraltar, has been up for sale since November 2014.

Management had given the go-ahead in July to being bought by 888 but withdrew its approval after an improved offer from Isle of Man-based GVC.

"GVC has been very determined, have worked extraordinarily hard to catch up and to provide a credible plan that was more attractive," Bwin chairman Philip Yea said.

The latest deal comes after a merger announced between betting firms Ladbrokes and Coral and an agreement in principle announced in August for a merger between Ireland's Paddy Power and Britain's Betfair.