The Australian gaming group, Tabcorp has been given the green light by the Supreme Court of New South Wales, to begin the demerger process of its lottery operations from the rest of its services.
It is expected that by next week, the process to demerge Tabcorp lottery from the wagering, media and gaming platforms will be complete.
Shares for the demerged business will begin trading under the Lottery Corporation brand on the Australian Stock Exchange from May 24th.
The demerger is expected to be implemented on the first of June.
In July last year, Tabcorp announced its intentions to spin off its lotteries brand after a comprehensive review of its operations and future options.
Some of the ideas brought up in the review included selling the wagering and media sides of Tabcorp. A number of groups indicated that they would be interested in making a proposal for these divisions, including Entain, Apollo Global and Betmakers.
Eventually, Tabcorp opted to keep its wagering arm after saying that none of the offers it received represented the true value of its wagering division. However, it did decide to will spin off the lotteries business as a separate company that will trade independently.
Last week, Tabcorp shareholders voted overwhelmingly in favor of the demerger.