GVC Holdings offloads its entire Turkish business unit Headlong Ltd
The decision to ‘clear the path of obstacles’ for its £4 billion pursuit of Ladbrokes Coral Plc, currently under review by the UK Competitions & Markets Authority (CMA), was made after GVC's biggest lenders advised the operator to quit the Turkish Headlong business, which includes dropping the agreed USD 186 million buyout with Malta-based strategic partner for the Turkish market Ropso Technologies agreed on November 2017.
Chasing Ladbrokes Coral, deal insiders believe that GVC operations may be too exposed to Turkish ‘grey market revenues’, operating in jurisdictions where online gambling is prohibited.
For its full-year 2016 performance, Headlong and associated assets generate approximately USD 43 million of clean EBITDA. Undertaking a ‘clean market break’ from its Turkish operations, GVC has set aside USD 43 million in corporate costs to be booked in for its Headlong offload.
Totally Gaming says: GVC has reassured investors that it will receive no cash and service no debt related to the Turkish market. Furthermore, GVC will no longer assist Ropso Technologies with the ‘six-month transition period’ relating to the agreed terms of its Headlong buyout.
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