Playtech reaches agreement on HAPPYBET division

(Sharecast News) - Gambling software firm Playtech has reached an agreement with pferdewetten.de subsidiary NetX Betting regarding its HAPPYBET division.

Having closed the Austrian HAPPYBET business in H224, Playtech later announced in March that it had commenced a process to sell the remainder of the business in Germany, reflecting its "renewed focus" as a predominantly pure-play B2B operator.

The FTSE 250-listed group stated that pfederwetten.de was being given the opportunity to contract with franchise partners for the HAPPYBET shops in Germany, subject to negotiations with those franchise partners. As part of the agreement, pfedermwetten.de will also assume ownership of certain associated hardware.

Playtech added that there will now be a transition period to allow pferdewetten.de to negotiate with relevant franchise partners and for relevant regulatory approvals to be sought from authorities in Germany. Playech added that any remaining HAPPYBET assets not transferred to, or assumed by, pferdewetten.de will cease operations and, where relevant, will be wound up.

As of 0825 BST, Playtech shares were down 0.31% at 321.50p.

Reporting by Iain Gilbert at Sharecast.com

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