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Annual Report & Accounts 2015 - NOTES
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26. sUBseQUent eVents continued 26.1 acquisition of bwin.party continued the Group issued a prospectus on 13 November 2015 setting out the terms of the bid, which included an offer of 25p plus 0.231 new GVC shares for each bwin.party share. at the date of the acquisition, there were 843m bwin.party shares and 14m of share options and the closing price for GVC holdings PlC shares on the previous day was £4.67. the total fair value of the consideration paid was €1,508.2 million as set out below: No of shares Value exchange Value £'000 rate €'000 total bwin.party shareholding 843,469,689 GVC shares issued (0.231 per bwin.party share, at a price of £4.67) 194,841,498 909,910 1.3205 1,201,536 Cash payment (£0.25 per bwin.party share) 210,867 1.3205 278,450 Cash settled options 21,397 1.3205 28,255 total consideration 1,142,174 1,508,241 the fair value of the assets and liabilities recognised at the date of acquisition, on a provisional basis, is set out in the table below: Fair value €000 assets intangible assets 636,899 Property, plant and equipment 43,555 trade and other receivables 145,069 Cash 117,325 total assets 942,848 liabilities trade and other payables (157,597) Client liabilities and progressive prize pools (115,574) taxation (113,379) total liabilities (386,550) net assets 556,298 Fair value of consideration paid 1,508,241 Goodwill recognised 951,943 Business combination costs 24,800 the fair value of trade and other receivables is €145.1 million and includes trade receivables with a fair value of €38.5 million. the gross contractual amount for trade receivables due is €40.0 million, of which €1.5 million is expected to be irrecoverable. the goodwill consists of assembled workforce, future growth and business reputation. all contingent liabilities have been provided for. the total cost that will be recognised in the income statement is €9.6 million, being the business combination costs incurred in 2016. the figures presented above are provisional due to the timing of the transaction. the audited accounts for bwin.party digital entertainment plc for the year ended 31 december 2015 showed: a. total revenue of €576.4 million b. Clean eBitda of €108.5 million c. loss before tax of €40.2 million d. Net assets of €499.6 million. 86 GVC HOLDINGS PLC ANNUAL REPORT 2015 notes to the consolidated financial statements continued for the year ended 31 december 2015