SIS pushes pause on potential £200m sale
Supplier to continue on existing strategic plan as Betsson, Kindred and LiveScore deals bolster early full-year performance
SIS has pulled the plug on any potential sale and instead will continue to “implement the existing strategic development plan for the business” following months of speculation.
The supplier had been undertaking a strategic review of the business with financial advisor and gaming specialist Oakvale Capital, which included a potential sale.
Media reports in February suggested SIS was up for sale for around £200m.
However, Catalyst Media Group, which holds a 20.54% stake in the business, confirmed a sale has been put on the backburner.
Delivering an update to the London Stock Exchange, the group said the SIS board has communicated that shareholder value can best be maximised by continuing on its current trajectory.
Catalyst added it had been advised that SIS’ new financial year to 31 March 2024 had “started well”.
Recent deals with Betsson, Kindred Group and LiveScore Group have seemingly bolstered the firm’s finances.
Last month, SIS also signed a renewal of the worldwide fixed-odds media rights for all Irish horseracing for a further five-year term.
The SIS board also noted that it would be targeting growth in all SIS’ product areas over the coming years.
Along with Catalyst, the likes of Entain (23%), William Hill (19.5%), The Tote (6%) and Fred Done (7.5%) all hold significant shares in SIS.
Earlier this week, Hills’ annual report was released which detailed its involvement with SIS.
In the report, Hills stated its 19.5% stake in SIS would allow it to “exert significant influence” over the supplier, coupled with the fact it holds a seat on the firm’s board of directors.