Tatts Group sells Talarius as online sales soar
Australian operator sells UK slots business to Novomatic for ?111m and reports double-digit online wagering growth
Tatts Group has sold its UK slots business Talarius Limited to Novomatic for A$210m (?111m) as the Australian operator reports double-digit growth in online sales.
The Melbourne-based firm said Talarius, which operates Quicksilver slot venues, contributed approximately $6.2m of Tatt’s 2015 EBIT and would use the proceeds from the sale to repay existing debt facilities.
“The sale of Talarius follows three years of intense effort to improve the performance of a businesses that struggled since its acquisition by Tatts back in 2008,” Tatts’ CEO and managing director, Robbie Cooke, said.
“Our patience in repositioning the business, has seen it become a very attractive asset in a highly competitive gaming segment in the UK, and has provided a path to maximising the shareholder value,” Cooke added.
“As a large international gaming group, Novomatic is the logical acquirer of the business – its established UK position, deep industry knowledge and synergy opportunities makes it a natural owner of the asset.”
In other Tatts news, the operator today also reported a 33.3% rise in online sales from lotteries and a 22.9% increase in wagering for the year-to-date 21 May 2016.
Tatts Group will release its full-year results on 18 August.