18th Dec 2015 09:55
LONDON (Alliance News) - Electric Word PLC, a specialist media group, on Friday said it has conditionally agreed to sell its indirect 70% stake in iGaming Business Ltd to Clarion Events Ltd.
The sale values the whole of iGB on a cash-free, debt-free basis at GBP19.7 million. The holder of the remaining iGB Shares, Michael Caselli, has also agreed to sell 5.1% of the issued iGB Shares and will retain the remainder.
"I am delighted that we have reached agreement to sell iGB to Clarion at an attractive valuation. iGB has performed exceptionally well in recent years, led by a talented management team and exceptional staff," Chief Executive Julian Turner said in a statement.
Shares in Electric Word were up 25% at 3.75 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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