1st Feb 2021 12:11
Sportech PLC - Edinburgh-based gambling technology firm - Enters conditional agreement to sell its digital raffle fundraising business Bump Worldwide Inc to Canadian Bank Note Co Ltd for GBP5.7 million. Says Canadian Bank Note operates across four market areas including Lottery and Charitable Gaming, where its clients include ice hockey teams Ottawa Senators and the Toronto Maple Leafs, alongside 2019 NBA champions the Toronto Raptors and MLB outfit the Toronto Blue Jays. Notes sale total includes a GBP1.1 million earn-out related to performance in 2022. Says the sale is expected to complete during the second quarter of 2021. Net proceeds will create potential further investment capital for Sportech's Connecticut, US-based sports betting ambitions and retail gaming business.
"We are immensely proud of the progress the Bump management team have achieved in recent years and believe the acquisition by Canadian Bank Note will provide additional opportunities and a broader product suite ultimately leading to further innovation, benefiting all clients, within the charitable gaming space," says Sportech Chief Executive Richard McGuire.
Current stock price: 28.10 pence, up 1.8% on Monday
Year-to-date change: up 2.2%
By Zoe Wickens; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
SPO.L