Sportingbet has completed the sale of its Turkish business, Superbahis, to GVC Holdings. The deal was initially announced on October 14 and is worth at least £125 million. Sportingbet will receive approximately 67% of the business’ profits for the next three years and 25% in the fourth year.
By withdrawing from the legally dubious Turkish market, where the company had two representatives arrested in 2008, Sportingbet is making an effort to focus on regulated markets.
“Following this disposal, Sportingbet will derive the large majority of its earnings from regulated territories,” chief executive Andrew McIver said last month.
Simon French, an equity analyst at Panmure Gordon, estimates that the Turkish exit will leave more than two-thirds of the company’s revenues stemming from regulated markets.
The Superbahis sale follows the breakdown of takeover talks between Sportingbet and Ladbrokes last month, with the British bookmaker citing a “legacy risk” surrounding Sportingbet’s Turkish business.
Sportingbet also announced the acquisition of two Danish firms in October.