London Stock Exchange (LSE) listed Sportech PLC has completed its outright acquisition of iLottery systems and games provider LOT.TO.
The acquisition is set to provide Sportech with a new digital gaming vertical for iLottery, as well as enhancing its internal capacities incorporating LOT.TO’s product proven technology development teams.
It intends to cement the racing and wagering systems provider’s global gaming capabilities, as well as providing opportunities for growth.As announced on 16 November 2018, the acquisition is non-material in the context of the Group.
Richard McGuire, a five per cent share holder of LOT.TO and Executive Chairman of Sportech, said: “This acquisition will enhance the digital capabilities across all Group business lines.
“In addition, it will accelerate a strategy to further develop those growth opportunities, consolidate our sports betting capability, enhance our existing Lottery product capabilities and support the digital development of our global pari-mutuel capabilities in an efficient and effective manner.”
UK-regulated LOT.TO is recognised as a digital specialist in the lottery sector through its provision of turn-key solutions to a B2B client base.
Consideration will be made through the issuance via a cash plus shares offer, with the issuance of two million new Sportech ordinary shares of 20p each to the vendors. Vendors will be subjected to a three year lock-up agreement with respect to consideration shares.