Sportech completes sale of three assets

By Gambling Insider

Betting technology business Sportech has announced an update on three previously announced corporate transactions.

The company has completed the following three transactions: the sale of its global Tote business to Betmakers Technology; The sale of Bump 50:50 to Canadian Banknote; and the sale of a freehold property in Connecticut.

Sportech says these corporate decisions were completed in line with the terms provided to its shareholders.

In a statement, the group revealed its board intends on returning the “majority” of the proceeds to the company’s shareholders once the opportunity arises.

The board will now consult with Sportech’s majority shareholders to discuss the “appropriate combination of the use of group net cash.”

Sportech said: “The timing and extent of such a return of proceeds will take into account the group’s investment opportunities and ongoing capital requirements.”

It estimates aggregate net cash from the three transactions will total £36.1m ($50.1m).

Richard McGuire, Sportech CEO, added: “I am pleased to announce these transactions are now complete and my gratitude goes to those dedicated professionals who are transferring to new owners of the operating businesses; and I know our clients will appreciate the expertise, expanded product suite and commitment the team at BetMakers and Canadian Bank Note respectively will add.

“Sportech operations will be significantly smaller going forward and, as announced on Friday 4 June, we have recommended a listing move to the AIM market, which is a more suitable market for the company's current size and strategy; and will offer greater flexibility with regard to corporate transactions.”

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