Private equity owner HgCapital sells spread betting giant Sporting Index
Sporting Index, which has around 80 per cent of the spread betting market, was yesterday sold to an unnamed private investor.
Private equity owners HgCapital bought the company for £76m from Duke Street Capital in 2005 and had decided to put it up for sale following the 2014 World Cup.
Yesterday it agreed the deal, which is subject to regulatory approval from the Financial Conduct Authority. Terms were not revealed, although the sale figure was rumoured to be around the £40m mark.
The mystery buyer is believed to be the same private investor who last month bought online gaming operator Pinnacle Sports.
Yesterday, Sporting Index said the investor “plans to support the Group’s current management team in expanding the potential of its B2C betting business, as well as enhancing the range of services provided by the Group’s rapidly expanding B2B pricing and software services business.”
Warren Murphy, chief executive of Sporting Index, said: “Our new owner is an excellent fit for our business. We have a shared vision for the future and will receive the necessary resources and expertise to help drive the future growth of both Sporting Index and Sporting Solutions.”
HgCapital and Sporting Index did not comment on details of the deal.