Gambling-software company Playtech PLC (PTEC.LN) said Friday that it has sold its entire stake in online trading platform Plus500 Ltd. (PLUS.LN) for around 176 million pounds ($227.5 million).
Playtech said it sold 11.4 million shares in Plus500, representing 10% of the company's issued share capital, at 1,550 pence each. Proceeds from the sale will be used for debt reduction and general corporate purposes, Playtech said.
Playtech said it is still entitled to Plus500's interim dividend, equivalent to around $16 million.
On Thursday, Plus500 said its founders planned to sell an aggregate stake of 8% in the company for GBP145 million.