25th of January 2010 Author: Ava Jackuard
Online gambling giant engaging with investment bank advisers
The whispers of the past few weeks that online gambling giant Betfair is planning a public listing gained momentum over the weekend on the news that the company has engaged with two investment banks to advise it on a possible GBP 1.5 billion stock-market flotation.
The Sunday Times reported that Betfair has chosen Goldman Sachs and Morgan Stanley to weigh up options for its future, which include a possible sale or share listing.
The newspaper points out that going public could bring founders Ed Wray and Andrew Black a fortune, as the duo own 25 percent of the company between them. Another 23 percent is owned by the Japanese bank Softbank, which also stands to benefit substantially if a listing is achieved.
Betfair took two billion GBP in wagers last year and reported earnings of GBP 72 million, a 29 percent rise on sales 27 percent higher at GBP 303 million.
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