Tabcorp Holdings Limited (Tabcorp) has announced its intention to demerge its Lotteries & Keno business. This was after the completion of a strategic review of all relevant structural and ownership options to maximize shareholder value.
The demerger will result in the formation of two separate, market-leading ASX-listed companies with distinct operating profiles and growth potential.
Lotteries & KenoCo, Australia’s leading lottery operator with licenses operating in all states except Western Australia, will be on one side. The other will, however, be the licensee of Keno products to venues in NSW, Victoria, Queensland, South Australia, and ACT.
“Following a thorough and rigorous assessment of all relevant structural and ownership options, the Tabcorp Board of Directors has concluded that a demerger of the Lotteries & Keno business is the optimal and also the most certain path to maximize value for Tabcorp shareholders,” said Tabcorp Chairman Steven Gregg.