Australian lotteries and wagering firm Tatts Group has sold its interest in its UK slots business to Novomatic.
“The sale of Talarius follows three years of intense effort to improve the performance of a business that struggled since its acquisition by Tatts back in 2018,” said Tatts CEO and managing director Robbie Cook.
The UK business has been sold for A$210 million (US$155.9 million).
Tatts said that the sale will result in an accounting loss in FY16 of around A$50 million, and says it expects 2016 profit, excluding Talarius to be between A$255 to A$265 million.
Talarius contributed just A$6.2 billion, or less than two per cent of Tatt’s earnings, in 2015.
“This step completes the transformation of Tatts’ gaming unit to a pure B2B business, entirely focused on providing monitoring and other services to gaming operators,” added the wagering group.