Reputable Australian gaming group Tatts revealed that the company sealed an A$210 million deal with well-established Austrian gaming provider Novomatic for its UK subsidiary Talarius. The company’s UK slots business operates chains of slot machine venues under the Winners, Quicksilver, Quicksilver Motorway and Silvers brands. The properties can be found on multiple locations across the Kingdom and they feature a total of 7,500 machines.

In a statement released Monday morning, Tatts reported that the sale of its subsidiary would lead to an accounting loss of A$50 million for the financial year. According to information provided by the operator, by the end of this year the company expects net profit from A$255 million to A$265 million if Talarius is excluded from the calculations. In contrast, prior predictions for 2016 net profit were ranging between A$259 million and A$282 million.

Robbie Cooke, Tatts CEO, commented on the decision to sell Talarius, revealing that it was made after the continuing efforts to enhance the subsidiary’s performance didn’t prove effective. The UK slots business was taken over by the Australian operator in 2008 and, according to the company’s Chief Executive, it’s been struggling ever since. In 2015, for example, only 2% of Tatts’ earnings or around A$6.2 million came from its subsidiary. The money from the sale, the Australian gaming group revealed, would be used for covering corporate debt.

Talarius’ new owner Novomatic is a gambling giant based in Austria. The company is considered one of the world’s biggest suppliers, distributers and operators of gaming solutions. Novomatic announced plans to expand its global presence and the latest purchase is just another step towards completing its goal.

Additionally, it was recently revealed that the provider plans to take over a majority stake in Ainsworth Game Technology, another well-known Australian gaming business.

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