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Sportech agrees terms for sale of Dutch business
(WebFG News) - Online gambling and entertainment group Sportech has agreed terms with RBP Luxembourg regarding the disposal of its Dutch business, Sportech Racing BV, for up to 3.25m.
Sportech secured a new five-year licence in June 2017 for the exclusive rights to carry out tote betting on horseracing in the Netherlands. This licence is operated in nine betting shops, 38 other outlets with point-of-sale terminals and online.
The proposed disposal is subject to local regulatory consent and the transfer of various agreements and licences from certain Sportech group entities to Sportech Racing BV. The company said there can be no certainty the sale will complete and a further announcement will be made in due course.
Chief executive officer Andrew Gaughan said: "The proposed disposal represents an attractive opportunity to realise value following the successful licence extension and restructuring of the business by management as we increase focus on US growth opportunities.
"Sportech will continue to provide RBP, under a long term contract, its ongoing tote services and also has a strong working relationship with them focused on developing and selling their French racing pools into our vast footprint of global customers."
At 1030 BST, the shares were down 2.2% to 63.58p.