Playtech has announced that it has sold its entire stake in multinational sports betting and gaming group GVC Holdings in a secondary share placement.

Playtech’s stake, representing approximately 3.4% of GVC’s issued share capital, was received by Playtech as a result of its previous holding in Ladbrokes Coral Group plc.

Via a placing conducted through Goodbody, UBS Limited and Shore Capital, Playtech has sold its entire holding of 19.6 million ordinary shares in GVC at a price of 1010 pence per ordinary share, for a grand total before broker commissions of £198 million (USD $266 million).

The proceeds from the GVC share sale will be used for general corporate purposes which may include M&A or to reduce the amount of debt to be raised as part of the acquisition of Snaitech.