Gaming technology giant Playtech has sold its entire stake in online trading group Plus500, raising around £176m in the process.
The news comes the day after five Plus500 founders sold £145m worth of shares in the company.
In a short statement, Playtech announced that it has sold its entire holding of approximately 11.4 million ordinary shares in Plus500 at a price of £15.50 per ordinary share, realising gross proceeds of approximately £176m.
Playtech did not give a reason for the sale or name a buyer, adding that “the proceeds from the sale will be used for general corporate purposes and debt reduction.”
The sale, which is expected to be completed on September 11, does not affect Playtech’s entitlement to the interim dividend announced by Plus500 in August, equivalent to approximately £12.4m.
The stake offloaded by Playtech is just under 10 per cent of Plus500’s issued share capital. The five founders’ stake equated to eight per cent – meaning that close to a fifth of Plus500’s issued shares have been sold this week.