Australian gambling operator Tatts Group (Tatts), has confirmed the sale of its UK slots division Talarius to Novomatic Group for AUS $210 million (£116 million).
Updating the market, Tatts governance informed that proceeds from the sale would be used to pay down its corporate debt, as the company targets year-end profits of AUS $255 – 265 million, performing slightly under analyst expectations.
Talarius its UK division which operates Quicksilver arcade venues is reported to have contributed less than 2% of Tatts’ overall earnings for the past twelve months. Tatts governance reported that overall the company would record a loss of AUS $50 million on the sale of its asset.
Issuing a short corporate statement Robbie Cooke Chief Executive of Tatts Group commented on the sale of Talarius “The sale of Talarius follows three years of intense effort to improve the performance of a business that struggled since its acquisition by Tatts back in 2008”
Talarius buyer Novomatic continues to expand its industryportfolio in slot-based assets, which saw the company purchase Australian slot machine manufacturer Ainsworth Game Technology.