AUGUST 2, 2002
Morgan Grenfell sells Eurobet
Morgan Grenfell Private Equity has been making up for its losses in Formula 1 activities by selling the Coral Eurobet company which it acquired in 1999 for $585m. The sale of the betting firm to Charterhouse Development Capital, another private equity group, has netted $1.3bn, giving MGPE a profit of $715m.
Coral runs 870 betting shops in Britain and has enjoyed much success in recent years with its online Eurobet gambling services.
The company was brought in to sponsor the MGPE-owned Arrows team but the sponsorship ended in a lawsuit with the team.