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Spain’s Grupo Pefaco acquires Betshop for €5.3m

13th September 2010 8:31 am GMT

Leisure & Gaming plc (LNG) said Friday that is seeking shareholder approval to be reclassified as an investing company having agreed to dispose of its betting and gaming subsidiary Betshop Group Limited to Newco, a company established and backed by Spain’s Grupo Pefaco SL, in a deal worth up to €5.3m.

LNG warned earlier this year that it could not secure sufficient funds in order to continue trading, leading the company’s board to seek buyers for its operating business.

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