SIS Ends Sale Process, Focuses on Strategic Growth Plans
Sports Information Services (SIS), a provider of horse race broadcasting and data to betting shops and sites, has announced the discontinuation of its sale process.
SIS end sale process despite strong interest
Earlier this year, SIS owners, which include Ladbrokes, Betfred founder Fred Done, William Hill, the Tote, and private equity groups, were looking to sell the company for £200 million. To handle the sale, they had engaged Oakvale Capital, a boutique advisory firm specializing in gambling mergers and acquisitions.
Reports in February indicated strong interest from both financial and strategic bidders. However, shareholder Catalyst Media has now disclosed that the SIS board has decided against pursuing a sale.
According to Catalyst, an investment group that owns 20.5% stake in SIS as its only asset, the board has decided against selling the company due to new contracts with major online bookmakers in mainland Europe and an extended agreement to broadcast Irish horse racing.
Strategic growth plans
It has been stated by Catalyst that the current strategic development plan for SIS will persist, with an emphasis on expanding all product categories in the upcoming years, as it is believed that this approach will optimize shareholder value. As per available accounts, SIS made a profit of £7 million in the previous financial year, which ended on March 31.
SIS has several shareholders, with Ladbrokes, a company owned by Entain, holding the largest stake at 23%. William Hill, owned by 888, has a 19.5% stake, while Fred Done holds 7.5% and the Tote holds 6% of the company.