Sportech Plc has confirmed the sale of its 50% stake in SNG Interactive to joint venture NYX Gaming for a reported £12 million sum.
Sportech has disclosed that it will receive £5.2 million in cash for its sale, with an additional 2.2 million in NYX Gaming corporate shares which have been valued at £5.2 million. Furthermore the operator will receive a differed consideration £1.6 million.
The operator expects to generate a pre-tax profit of £8.8 million on its sale. Sportech CEO Ian Penrose commented on the sale of the SNG interactive joint venture
“We are pleased to have reached this agreement with NYX, generating a significant return for the group in a short space of time.”
“The structure of the deal enables us to reinvest in our US growth activities in the sports gaming market, whilst retaining a material stake in the future of online casino gaming in North America. NYX is endeavouring to build a market leading position and we look forward to sharing in this opportunity with them”
The sale of its joint venture stake, follows Sportech’s announcement that it had rejected a £75 million offer for its Football Pools from an unknown bidder