London-listed gaming operator Sportech is seeking to sell its Football Pools business to Burlywood Capital for a total consideration of £97.25m.

The company is working towards a sale on an exclusive basis with Burlywood Capital, an investment firm led by iGaming veteran Mark Blandford and former Merrill Lynch executive Andrew Burnett.

The investment firm plans to seek admission to trading on London’s AIM market through a new company incorporated for the purposes of acquiring The Football Pools and financing the transaction.

The transaction is subject to a number of conditions, including the necessary equity being raised, final agreement of the sale and debt documentation, and the approval of Sportech shareholders.

The proposed board of directors of the AIM-listed company acquiring The Football Pools comprises Ian Hogg as chairman, current Football Pools managing director Conleth Byrne as chief executive, and current finance director Carl Lynn as CFO.

Former 888 chief executive Brian Mattingley and former bwin.party director Liz Catchpole will serve as non-executive directors of the business.

Sportech acquired The Football Pools in 2007 through its acquisition of Vernons from Ladbrokes for £51m.

Shares in Sportech plc. (Co. Data) (LSE:SPO) were trading up 13.18 per cent on the news in London early Tuesday at 80.50 pence per share.

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