US gaming and lottery supplier Scientific Games Corporation has sold its entire shareholding in UK-listed Sportech for £27.8m.
Scientific Games held 39,742,179 shares in Sportech, representing approximately 19.99 per cent of the company’s total shares.
The company held the shares since January 2010 following Sportech's acquisition of its pari-mutuel wagering subsidiary Scientific Games Racing (SGR).
Sportech paid an initial consideration at the time which was satisfied by the issue of 39,742,179 shares at 50 pence per share (equivalent to £19.9m), together with a payment of approximately $32.9 million in cash.
In a statement Thursday, Scientific Games confirmed that it had sold all of its shares in Sportech for gross cash proceeds of £27.8m. No reasons were given for the divestment.
The company has earned a profit of approximately £7.9m from the shares during the four year period.
Shares in Sportech plc (Co. Data) (AIM:SPO) are currently trading up 0.61 per cent to 83.00 pence per share in London this morning, while shares in Scientific Games Corporation (Co. Data) (NASDAQ:SGMS) will commence trading at $16.20 per share in New York later today.