SOURCE: Reuters

(London, England) — British football pools operator Sportech Plc (ROD.L: Quote, Profile , Research) said on Wednesday it was raising 41.4 million pounds ($86.4 million) via a placing and open offer to help pay for its 51 million pounds purchase of Vernons.

Sportech, which owns Littlewoods football pools, said in March it was in talks with Ladbrokes Plc (LAD.L: Quote, Profile , Research) to buy Vernons Pools to add scale. The proposed deal has since received regulatory clearance.

Sportech said on Wednesday it was to sell 41.45 million new shares at 100 pence via a placing underwritten by Investec.