SPORTECH OFFLOADS THE FOOTBALL POOLS SUBSIDIARY
02nd March, 2017 at 16:50:53
Private equity buyer in conditional sale for £ 83 million.
FP Acquisitions Limited, a company owned by private equity funds under the OpCapita banner has agreed to pay £ 83 million in the conditional debt free, cash free basis to purchase Sportech subsidiary The Football Pools.
The sale is conditional upon FP Acquisitions obtaining the necessary licences from the UK Gambling Commission
and the passing of the resolution by Sportech shareholders at the General Meeting.
A circular containing further details of the deal and the resolution to approve the agreement, the Board's recommendation and irrevocable undertakings to vote in favour of the resolution, and the Notice convening a General Meeting of the company will be sent to Sportech shareholders following the completion of the tender offer announced on 2 March 2017.
The Football Pools is still planning to move into new premises in Liverpool city centre, a move that OpCapita fully supports as part of its commitment to growing the business.
Ian Penrose, chief executive of Sportech, said in a statement Thursday:
"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."
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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