Spreadex bolsters offering after purchasing Sporting Index for an undisclosed fee
Transaction also sees several senior Spreadex heads taking up directorial roles at Sporting Index
Spreadex has acquired spread betting operator Sporting Index from French operator Française des Jeux (FDJ).
The deal was completed on 6 November, but the acquisition details were not disclosed and could only be confirmed via a statement on Companies House.
The statement on Companies House confirmed Spreadex now holds “directly or indirectly, 75% or more of the shares in the company [Sporting Index].”
As part of the acquisition, there have been several directorial changes made at Sporting Index.
Sporting Group CEO Andy Wright and COO Derren Maggs have both left their directorial positions at Sporting Index.
David Mackenzie and James Hallan, who are directors at Spreadex, have both been made directors at Sporting Index.
In the days before the acquisition, Wright and Maggs signed documentation that declared the firm as solvent, as of 1 November 2023.
The FDJ bought Sporting Index’s parent company, Sporting Group, in June 2019, with Sporting Group also including sports betting technology and trading service provider Sporting Solutions.
Sporting Index has changed hands several times over the years since it began trading in 1992.
In 2002, Duke Street Capital backed a management buyout led by Richard Glynn for £53m, then, in 2005, it was acquired by private equity group HgCapital.
In 2015, Sporting Index was sold for an undisclosed sum to Swedish businessman Magnus Hedman before the FDJ swooped for the business in 2019.
Andy Wright, CEO of Sporting Group, told EGR: “The decision to sell Sporting Index was a carefully considered strategic move that had been in development for some time.
“The remarkable growth and success of our B2B brand, Sporting Solutions, led us to recognise its potential as the cornerstone of our future growth strategy. Consequently, we made the strategic decision to channel all our attention, efforts, and resources into further advancing our position in the B2B space.
“It is crucial to underscore that, with the sale of Sporting Index, only the brand itself has changed ownership. The underlying technology, products, and, most importantly, our cutting-edge trading models remain firmly within the domain of Sporting Solutions. Our valued partners can rest assured that this transaction will not impact their operations and they can anticipate an unwavering commitment from us to deliver an exceptional service.
“Going forward, all of our resources will be focused on taking Sporting Solutions from strength to strength, ensuring it continues to thrive and provide the best-in-class solutions for which it’s known.”
EGR has reached out to Spreadex but is yet to receive a reply.
Spreadex was featured in EGR’s challenger brands cover feature in October.