London-listed gaming operator and solution provider Playtech has sold its stake in the financial trading platform Plus500, raising gross proceeds of approximately £176m.
Playtech announced the sale of its stake on Thursday as Plus500 confirmed that its founders had also sold shares equalling approximately 8 per cent of the company's issued share capital.
Playtech will receive £15.50 per share for its 11.4 million shares in Plus500, with the proceeds to be used for general corporate purposes and debt reduction. The company will also receive its share of dividend from Plus500 amounting to $16m for the half-year period.
Playtech had proposed to acquire Plus500 for £459.6m in 2015, but withdrew due to delays in securing regulatory approval.
In addition to the 9.9 per cent stake sold by Playtech, Plus500 founders Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann have sold a further 9.4 million shares held by them at the same price of £15.50 per share, raising gross proceeds of approximately £145m for the founders.
Plus500 said that the founders decided to offer a portion of their shares for sale due to significant demand from a small number of institutional investors.
Following the sale the founders retain a combined shareholding in Plus500 of approximately 8 per cent.
Shares in Playtech plc. (LSE:PTEC) were trading up 0.88 per cent at 491.30 per share in London Friday morning, while share in Plus500 Ltd. (LSE:PLUS) were trading down 4.42 per cent at 1,537.00 pence per share.