GVC Holdings to dispose of Betaland 

GVC Holdings to dispose of Betaland

Apr 10, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Online gaming company GVC Holdings plc (aim:GVC) announced on Tuesday that through its wholly owned Maltese subsidiary, GVC Corporation ltd, it has entered into an agreement with an independent third party company, GVC New Limited (New), to dispose of its Betaland sports book and gaming business for a nominal sum.

GVC Holdings plc said that within 24 months of completion, which is expected within the next month, the transferee has agreed to change its name so that it cannot be reasonably interpreted as being associated with the GVC Group, adding that for nil consideration New has agreed to take-on the majority of the staff of the business.

Additionally the proposed disposal is conditional upon the Lotteries and Gaming Authority, of Malta, providing consent to the business transfer.

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