Australian racing and wagering giant Tabcorp has been granted approval by the Supreme Court of New South Wales to complete a demerger of its lottery business.
The courtroom approval represents the final step for Tabcorp, which announced plans for the demerger of its Lotteries & Keno business in July 2021 after rejecting multiple proposals to acquire the company’s Wagering & Media arm.
The company said Friday that securities in the new listed entity, called The Lottery Corporation, will commence trading on the ASX from Tuesday 24 May 2022 under the code TLC. The demerger is expected to be implemented on Wednesday 1 June 2022.
The decision to demerge followed completion of a strategic review last year and will see the Lotteries & Keno division trading under the new ASX-listed entity, with the Wagering & Media and Gaming Services divisions to remain under the existing listed Tabcorp entity. Tabcorp shareholders will retain their existing shares as well as being given proportionate shares in the new Lotteries & Keno company.