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BRIEF-GVC Holdings announces disposal of Turkish operations
November 2, 2017 / 7:07 AM / 17 days ago

BRIEF-GVC Holdings announces disposal of Turkish operations

Nov 2 (Reuters) - GVC HOLDINGS PLC

* GVC HOLDINGS PLC - DISPOSAL

* ‍PLEASED TO ANNOUNCE SALE OF HEADLONG LIMITED, A WHOLLY OWNED SUBSIDIARY, AND OTHER COMPANIES (“HEADLONG AND ASSOCIATED BUSINESSES”) THAT COMPRISE ITS TURKISH FACING OPERATIONS TO ROPSO MALTA LIMITED​

* SALE HAS PERFORMANCE RELATED EARN-OUT CONSIDERATION OF UP TO A MAXIMUM AMOUNT OF EUR 150M IN CASH​

* ‍COMPLETION IS CONDITIONAL ON GAMING REGULATORY AND LENDER APPROVAL AND IS EXPECTED TAKE PLACE BY END OF DECEMBER 2017​

* ‍IN YEAR ENDED 31 DECEMBER 2016, HEADLONG AND ASSOCIATED BUSINESSES GENERATED APPROXIMATELY EUR 35M OF CLEAN EBITDA​

* ‍BOARD HAS CONCLUDED IT IS NOW APPROPRIATE FOR GVC TO FURTHER INCREASE ITS FOCUS ON REGULATED MARKETS​

* ‍FOLLOWING DISPOSAL REGULATED 1 AND/OR LOCALLY TAXED PROPORTION OF GROUP‘S NGR WILL INCREASE TO APPROXIMATELY 75%​

* ‍DISPOSAL PROCEEDS WILL BE USED FOR GENERAL CORPORATE PURPOSES.​

* ‍DISPOSAL WILL NOT IMPACT GROUP‘S STATED PROGRESSIVE DIVIDEND POLICY​

* ‍IN ADDITION, BOARD BELIEVES THAT DISPOSAL WILL INCREASE ATTRACTIVENESS OF GROUP TO INVESTORS AND POTENTIAL CONSOLIDATION PARTNERS.​ Source text for Eikon: Further company coverage: (Reporting by Ben Martin)

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