Ladbrokes: has acquired Betdaq for €30 millionPICTURE: Patrick McCann (racingpost.com/photos)
Ladbrokes acquires betting exchange Betdaq
LADBROKES has acquired betting exchange Betdaq in a deal worth €30 million (£25m) it was announced on Thursday morning.
The deal between Ladbrokes and Betdaq's billionaire owner Dermot Desmond was close to completion on Wednesday night,
and in addition, Ladbrokes has agreed to acquire a ten per cent stake in TBH Guernsey Ltd, the technology provider to Betdaq, for €4m.
For Ladbrokes chief executive Richard Glynn, the acquisition is the first of his tenure, which began nearly three years ago.
The high street bookmaker has been previously involved in acquisition talks with 888 Holdings and Sportingbet but discussions were unsuccessful, with Sportingbet acquired by rival William Hill and GVC Holdings last month.
The acquisition is expected to be completed late next month, and Glynn said: "The Betdaq exchange is a well-regarded and well invested business and a close strategic fit for Ladbrokes.
"Whilst the main focus of our digital growth strategy continues to progress well, this bolt on acquisition provides us with an exciting opportunity to grow our share of wallet through the creation of a differentiated and comprehensive sports betting proposition for customers and also supports our drive for improved liability management."
Following the news of the acquisition, the share price for Ladbrokes had risen 6.9p to 206.3p at 9.20am, valuing the business at £1.8 billion.