Playtech announces sale of Plus500

Playtech has sold its entire holding of 11.4 million ordinary shares in trading platform Plus500, after acquiring the company back in 2015.

The sale is expected to yield around £176m ($228m), which will be used for general corporate purposes and debt reduction.

The stake represents approximately 10% of Plus500's issued share capital, with the sale expected to settle on a T+2 basis, on 11 September.

Following completion of the sale, Playtech will no longer hold any interest in Plus500's ordinary shares.