Bwin.party digital entertainment saw its shares leap on Monday after Canada’s Amaya Gaming officially joined the hunt to acquire the struggling UK-listed online gambling operator.

Speculation had already connected Amaya – owner of PokerStars and Full Tilt – to a potential Bwin.party acquisition last November. On Monday, multiple media sources reported that Amaya had teamed with UK-listed online gambling operator GVC Holdings, which on Friday had confirmed its interest in a reverse takeover of Bwin.party.

Amaya and GVC are reportedly setting up a special purpose vehicle (SPV) to conduct the acquisition, which would be a €1.5b cash and shares offer (the shares being newly issued GVC stock). Amaya and GVC are believed to have begun discussing the potential of a joint bid after each company made individual offers for Bwin.party.

The Telegraph reported that GVC would act as majority owner of the SPV but Amaya would have the option of taking immediate control of Bwin.party’s flailing PartyPoker division. GVC management would be tasked with restructuring Bwin.party’s remaining assets – a process expected to take around two years – after which Amaya may also snap up Bwin.party’s sportsbook.