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Sportech receives regulatory approvals

Proposed purchase of parimutuel and venue management firm Scientific Games Racing has taken another step forward.

Wednesday 29th September 2010

The proposed acquisition of parimutuel and venue management firm Scientific Games Racing by London-based Sportech has taken a further step towards becoming reality after the operator announced that it had received regulatory approval from several jurisdictions in the United States. Sportech operates The New Football Pools and revealed in February that it intends to pay an initial $65 million for Scientific Games Racing followed by a further ten million dollars at the end of September of 2013 while an additional eight million dollars could be due if the purchase meets set targets over the next three years. “Sportech is pleased to announce that key regulators in the United States with jurisdiction over the transaction have given required approvals for Sportech to acquire Scientific Games racing from Scientific Games Corporation,” read a statement issued last week by Sportech. “In addition, the regulatory application process in The Netherlands is complete and it is expected that the required license in The Netherlands will be granted upon completion of the proposed acquisition. “As a result, the only outstanding regulatory approval required for the completion of the proposed acquisition is a ruling from the New Jersey Racing Commission and Sportech expects the Racing Commission to rule towards the end of September or early-October of 2010. “Sportech expects final completion of the acquisition to take place in the near future and will update in due course. Sportech and Scientific Games Corporation have agreed to extend the date by which completion of the acquisition must have occurred to October 22, 2010.”

Source: OnlineCasinoNews

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