betbull Holding SE, formerly betbull plc, ('betbull') announces sale of
Spanish subsidiary to bwin Interactive Entertainment AG
betbull has sold 100% of Winners Apuestas SA (Winners), it's Spanish
subsidiary, to bwin Interactive Entertainment AG (bwin) for EUR 4,000,000.
Winners is licensed in Madrid and operates from 6 locations plus points of
sale within the Santiago Bernabeu Stadium.
betbull will now concentrate fully on its core business in Germany. The
sale will release betbull from the funding obligations required by Winners
as it expands in Madrid and further Spanish communities, and allow the
already cash flow positive German business to expand and develop under an
eagerly awaited new legislation.
bwin continues to be a major shareholder in betbull where it is quoted on
the Vienna stock exchange, as is bwin. As part of the sale exercise betbull
has reduced costs at a holding level and has a healthy cash position.
