GVC confirms deal with MGM Resorts
GVC Holdings and MGM resorts confirms $200M deal
GVC and MGM have confirmed that they will be joining forces in a deal worth a whopping US$200m.
GVC, a UK-based venture capital giant that owns brands such as Ladbrokes and Coral, has agreed to set up a US joint venture with hotel and casino operator MGM.
The business will be split 50/50 between the two firms, with each investing an initial $100m.
GVC’s subsidiaries have enjoyed a golden summer, with boosts from the football World Cup and its own elevation to the FTSE100 in the London Stock Exchange. MGM holds major Las Vegas brands such as Bellagio, MGM Grand and The Mirage and is much larger than GVC with a market capitalisation of over $17bn.
The deal, according to City insiders, would mean that the two companies would commit to a 25-year partnership with an option to buy one-another out after 10 years.
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