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Playtech sells off entire 3.4% stake in GVC Holdings

Playtech PLC has sold off its entire 3.4% stake in U.K.-based online gaming company GVC Holdings PLC, the British casino and gaming operator said June 7 in a filing to the London Stock Exchange.

The company sold its 19.6 million ordinary shares in GVC, which it received as a result of its previous holding in Ladbrokes Coral Group PLC, at a price of £10.1 per ordinary share.

The placing is expected to settle two days after the transaction date June 11.

Upon completion of the deal, Playtech will no longer hold any interest in GVC's ordinary shares.

Playtech said it will use the proceeds from the placing for general corporate purposes, which may include mergers and acquisitions or to reduce the amount of debt to be raised as part of its purchase of Snaitech SpA.