British bookmaker Betfred has finalized the acquisition of South African online bookmaker Betting World from Phumelela in a deal worth R120M (£6.1M). The deal follows Phumelela’s bankruptcy last summer and puts an end to the British betting company’s efforts to purchase the failing South African gaming company’s assets.
Betfred Acquires South African Online Bookmaker Betting World for £6.1M all of Phumelela’s racetrack properties for somewhere in the region of £38-40M following a decision by the High Court that required the South African company to sell its horse racing assets.However, the bid failed to beat a rival bid from a fund backed by South African Mary Oppenheimer who is a member of the country’s richest mining company. Despite the fact that Betfred’s offer was significantly better, auditors decided to back the local offer.
Betfred Acquires South African Online Bookmaker Betting World for £6.1MBetfred has yet to make an official statement on the acquisition but with rescue practitioner John Evans confirming the deal had been finalized on May 31st, the news has been widely reported in the South African press.
