Bookmaker Betfred has purchased sports betting brand Betting World from struggling Phumelela Gaming, after Phumelela rejected Betfred's offer to acquire the whole Phumelela business last year.
Betting World, Phumelela’s sports betting subsidiary, allows customers to bet on a variety of sports including cricket, rugby and football.
According to an update released as part of Phumelela’s ongoing business rescue, the transaction took place on 31 May 2021 at a sale price of ZAR120m (£6.1m/€7.1m/$8.7m). Phumelela noted that this price was subject to final adjustments, and that the final price will be published in a future business rescue plan update.
Phumelela was placed in a state of business rescue – a type of bankruptcy arrangement – last May after the novel coronavirus (Covid-19) lockdowns in South Africa affected business.
The company’s business rescue plan outlined debts of up to ZAR1.17bn (£236.0m/€261.3m/$312.0m).
In September, Phumelela rejected a ZAR925m (£41.9m/€46.7/$55…