mybet Holding completes sale of pferdewetten.de stake

mybet Holding has finalised the sale of its stake in German firm pferdewetten.de for a total price of €9.9 million ($11.2 million).

Last week, mybet confirmed it had agreed to sell its 1,810,307 unlisted shares in the operator to a number of individual investors, although did not disclose the financial details of the deal.

In a statement, mybet has now said that it has received an up-front payment of €5 million in exchange for the pferdewetten.de shares, which had been used as collateral, with the firm agreeing to repay a group internal loan to pferdewetten.de from the funds received.

As a result, mybet will receive free liquid funds of €3.5 million after the closing of all transactions in connection with the sale.

mybet also said the sale will impact its full-year results, with the firm adjusting its revenue forecast for the 2016 financial year from €63 million to between €59 and €62 million.

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