Global online gaming company The Stars Group has announced that it has chosen to divest its entire stake in online bingo operator Jackpotjoy PLC following strong investor demand.
According to news reports on Wednesday, the group was "exploring the opportunity" to sell half of its stake in the business, which represented over 2,800,000 shares.
However following substantial investor demand, The Stars Group took the decision to sell its entire stake in the business, representing 5,561,666 shares or approximately 7.5% of JackpotJoy’s total issued share capital at a price of 802.00 pence per share.
The share sale will net The Stars Group gross proceeds of £45m and is their second share sale in a week following its decision to sell 7,021,352 shares and preference warrants in fellow gaming company NYX Gaming Group for an estimated $40m.
As a result of the share sale, the price of Jackpotjoy shares decreased by 4.6%, trading at 823.31p per share on Thursday morning.
Neither The Stars Group nor the investment firm handling the share sale, Macquarie Capital (Europe) Limited have chosen to comment on the disposal.