Betting and gaming company Sportech is to acquire the Vernons football pools business from bookmaker Ladbrokes for £51 million.

Betting and gaming company Sportech is to acquire the Vernons football pools business from bookmaker Ladbrokes for £51 million.

The fee comprises an initial £45 million in cash, with the remainder satisfied in two payments on the first and second anniversaries after completion.

Sportech is proposing a placing and open offer of new ordinary shares to raise some £41.4 million to fund the acquisition. The deal is subject to shareholder completion and is being funded through banking facilities from Bank of Scotland.

Ownership of Vernons will enable Sportech to control all three major football pools brands in the UK – representing approximately 99 per cent of the market.

The acquisition will create a significantly increased customer pool with a combined base of over 700,000 weekly players.