It has been announced that popular online gambling company 888 Holdings has bought rival gambling firm Bwin.party for £898 million.
The takeover will commence at the beginning of 2016 and the plan is to provide cost savings of around $70 million (£45 million) a year by 2018.
Joining the 888 board when the deal is complete will be Martin Weigold, Bwin’s chief financial officer and Liz Catchpole, Bwin’s independent non-executive director and chair of the company’s audit and risk committee.
Executive chairman of 888, Brain Mattingley said: "This is a transformational opportunity for 888 in the consolidating online gaming industry, which is expected to grow significantly over the coming years."
888 valued Bwin shares at 104.09p each and shareholders will own around 48.9% of the group.
