Sportech agrees sale of Dutch tote business to RBP Luxembourg

Sportech PLC has agreed terms for the sale of its Netherlands tote business, Sportech Racing BV, to RBP Luxembourg (RBP) for a Euro 3.25 million consideration.

Sportech Racing BV holds the exclusive rights for horserace tote betting in the Netherlands after securing the five-year license in June 2017.  Under the licenslicencee, Sportech operates nine betting shops, 38 other outlets with point-of-sale terminals and online via the runnerz.nl domain.

The sale is subject to local regulatory consent and the transfer of various agreements and licences from unidentified Sportech group entities to Sportech Racing BV, a press statement cautions.

Euro 2.8 million of the consideration will be payable at closing and up to a further Euro 450,000 will be payable in January 2019, subject to agreed performance conditions being met.

Andrew Gaughan, CEO of Sportech, said: “The Proposed Disposal represents an attractive opportunity to realise value following the successful licence extension and restructuring of the business by management as we increase focus on US growth opportunities.

“Sportech will continue to provide RBP, under a long term contract, its ongoing tote services and also has a strong working relationship with them focused on developing and selling their French racing pools into our vast footprint of global customers.”

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