On Tuesday Sportech plc announced that it will sell its stake in its joint venture with NYX Gaming for GBP 12 million.
The total purchase price will include GBP 5.2 million, 2.2 million NYX ordinary shares equaling a combined value of GBP 5.2 million and 6.1 percent of NYX and up to a maximum of GBP 1.6 million in deferred consideration.
The companies joined forces 18 months ago creating the NYX Social Gaming JV.
Sportech stands to gain GBP 8.8 million in pre-tax profit.
The company statement revealed that the sale will include Sportech's share in SNG, one customer contract, online casino software and a number of employee transfers.
Sportech CEO Ian Penrose, "The structure of the deal enables us to reinvest in our US growth activities in the sports gaming market, whilst retaining a material stake in the future of online casino gaming in North America. NYX is endeavouring to build a market leading position and we look forward to sharing in this opportunity with them.”
Matt Davey, chief executive of NYX, said, "We've enjoyed a strong partnership with Sportech and look forward to opportunities to work together in the future."