Playtech has sold off all of its 19.6m shares in GVC Holdings, at a price of 1010 pence per share.
The giant online gaming software supplier had held its stake of around 3.4 per cent of GVC’s share capital following on from its previous holding in Ladbrokes Coral.
A placing conducted through Goodbody, UBS Limited and Shore Capital is expected to settle on June 11, leaving Playtech without any ordinary shares in GVC.
The proceeds from the sale, Playtech says, will be used for “general corporate purposes which may include M&A or to reduce the amount of debt to be raised as part of the acquisition of Snaitech.”
