Online betting firm Sportech plc has announced that it has sold its stake in social betting firm NYX Social Gaming JV to NYX for roughly £12 million.
The deal to sell comes roughly 18 months after NYX and Sportech teamed up form the social betting firm. The selling price will include £5.2 million, 2.2 million NYX shares, which have an aggregate value of £5.2 million, and other consideration that will cap out at £1.6 million.
Commenting on the deal Sportech CEO Ian Penrose said, "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."
NYX CEO Matt Davey added: "We've enjoyed a strong partnership with Sportech and look forward to opportunities to work together in the future."