STV Group plc today announces completion of the divestment of its external lottery management company (ELM).
This comes after the announcement in March 2021 that an agreement in principle for the sale of the business had been reached, subject to approval from the UK Gambling Commission. This approval has now been granted.
The decision to divest followed a comprehensive review of the business which concluded that lottery operations were not core to the future growth prospects of the Group, and so the sale will enable the Group to focus exclusively on the ongoing delivery of STV’s strategic growth plan. The transaction combines a modest consideration for the business with a multi-year advertising contract.
A full trading update will be provided to shareholders and the market on Thursday 9 September 2021 when the Group’s half-year financial results will be announced.
STV Group plc
Kirstin Stevenson, Head of Communications, Tel: 07803 970106
Geoffrey Pelham-Lane, Partner, Tel: 07733 124226
Ben Woodford, Partner, Tel: 07790 653341