OpCapita subsidiary set to acquire Sportech’s Football Pools division
Sportech recently announced that it will sell its Football Pools division for £83 million under a ‘conditional agreement’ with FP Acquisitions Limited, a newly created company controlled by the funds of London private equity firm OpCapita.
Governance of Sportech is currently seeking clearance for the deal, and will present the cash offer to its investors for approval.
The Sportech board have revealed that the revenue from the sale will be used to invest in long-term product and technology development and any net proceeds will be returned to Sportech shareholders.
The board have also expressed that the £83 million deal is an attractive proposition as the company is now primarily focused on expanding and developing its US Racing & Digital services, deciding that its Football Pools product may not have the ‘material synergies’ for the company’s future growth strategy.
Ian Penrose, Chief Executive of Sportech, updates investors on the proposed deal:
“The sale of The Football Pools Business represents an important strategic development for Sportech, having established a strong platform for growth, following completion of an extensive and successful modernisation programme. We have delivered our objective of stabilising earnings, and are delighted to have concluded this deal for Sportech’s shareholders, The Football Pools Business and its employees.”
Potential new owner OpCapita stated that it had been seeking viable investment opportunities in the UK betting and gaming sector for some time, but was particularly drawn to the Football Pools by ‘its loyal customer base, providing a solid foundation on which to build, through new distribution channels, additional new games and fresh marketing’.
John Von Spreckelsen, Chairman of OpCapita, said: “We are delighted to be acquiring The Football Pools, which occupies a unique place in British culture. Sportech has successfully modernised the business and we look forward to realising its significant growth potential. As part of that growth strategy, we plan to ensure existing loyal customers continue to enjoy the game and bring The Football Pools, already loved by so many, to an even wider audience”.
“We look forward to partnering with Conleth Byrne and his team to help develop the company further and supporting the community with its commitment to charitable causes.”
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