(Alliance News) - Playtech PLC on Wednesday said it has received all regulatory approvals to sell its financial trading division Finalto to Gopher Investments.
Playtech expects the sale for USD250 million in cash to close on June 30.
"The completion of the transaction is a significant step in Playtech's stated strategy to simplify the group and to focus on its technology led offering as a pure-play business in the high growth business-to-business and business-to-customer gambling markets," the Douglas, Isle of Man-based online gaming and sports betting firm said.
Shareholders had approved the sale back in December.
Playtech shares were 3.4% higher at 524.00 pence each in London on Wednesday morning.
Playtech is awaiting a firm takeover offer from TTB Partners Ltd. TTB has a deadline of Friday under UK takeover rules.
By Tom Budszus; tombudszus@alliancenews.com
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Playtech (PTEC)