Ladbrokes Sells Vernons Pools To Sportech
Published: Thursday, November 08, 2007 Online-Casinos.com
LADBROKES SELLS VERNONS POOLS TO SPORTECH
Investors seem to like the GBP 51 million deal
Sportech investors appeared to be in tune with the company's acquisition of rival Vernons Pools this week, driving up the share price by a solid 10 percent when the deal was disclosed.
Pools operator Sportech agreed to a total acquisition cost of GBP 51 million in the deal with Vernons parent Ladbrokes. The gaming firm said that it would pay GBP 45 million upfront, followed by two annual instalments of GBP 3 million.
Ian Penrose, Sportech Chief Executive told the Reuters news agency that the firm planned to revamp the image of the acquisition by re-branding it, bringing in new games and offering roll-over million pound jackpots to win back players.
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