London-listed GVC Holdings has made a move into the regulated Georgian gaming market with the acquisition of leading online operator Crystalbet.
The company has agreed to acquire an initial 51 per cent stake in Crystalbet owner Mars LLC for €41.3m, which will be satisfied in cash from the company’s existing resources.
GVC also gains the right to acquire the remaining 49 per cent stake in the business in 2021, at the lower valuation of 7x 2020 clean EBITDA [...]
