Tabcorp Holdings (ASX:TAH) is moving forward with their announcement yesterday to sell its 11.6 per cent interest in Jumbo Interactive (ASX:JIN).
Pursuant to an underwritten Block Trade Agreement with UBS, Tabcorp has agreed to sell over shares in Jumbo at a price of $13.52 per share, for gross proceeds of approximately $98 million.
Settlement of the sale is expected to occur on 24 September 2020.
The proceeds will be used to pay down existing drawn bank debt facilities.
Tabcorp will record a profit after tax on the sale of approximately $69 million which is expected to be reported as a significant item as part of the 1H21 result.
Shares in Tabcorp Holdings (ASX:TAH) are trading 0.6 per cent higher at $3.36.