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Evolution Gaming shareholder Richard Livingstone to sell up to $658m of stock

Leading shareholder Richard Livingstone is to sell SEK 5.91bn ($658m) worth of stock owned in Evolution Gaming.

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Livingstone, who along with brother Ian is worth an estimated $3.7bn and has a 16.4% stake in the supplier, is reported to be selling 8.5 million shares, a 4.7% stake, in an accelerated offering via Morgan Stanley, according to Bloomberg.

The supplier's stock has risen during the coronavirus pandemic, from SEK 436.5 on 29 April, to a high of SEK 695 on 20 July, currently SEK 640 at time of writing.

As a result, a number of large shareholders, including Livingstone, have taken advantage to profit from the stark rise.

Evolution's H1 2020 results from last week reinforce its significant revenue and profit rises.

Operating revenue for the period rose 48% year-on-year, up to €243.5m ($282.1m), while profit improved 98% on 2019, to €124.6m. Q2 profit rose 104% to €70.4m.

At the end of last month, the supplier pressed ahead with plans to improve its market position, making an offer of SEK 19.6bn to acquire NetEnt.

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