13th Feb 2023 13:58
Playtech PLC - Isle of Man-based gambling software development company - Invests in NorthStar Gaming Inc, an Ontario-based online casino and sportsbook operator. Says the investment of CAD12.3 million, or about EUR8.4 million, has been made by way of a convertible debenture, which will convert into equity and warrants in connection with NorthStar's planned takeover of Baden Resources Inc.
Playtech says the takeover will "result in the listed entity moving its listing to the Canadian TSX Venture Exchange". Playtech will own about 16% of the Toronto listing.
Additionally, Playtech has agreed to a 10-year extension of its commercial arrangements with NorthStar. This provides NorthStar with a suite of technology solutions from Playtech, including the IMS platform, Casino, Live Casino, Poker and Bingo.
Playtech Chief Executive Officer says: "We are excited to expand our partnership with NorthStar and build on the early success of our existing software and services agreement. Playtech has extensive experience of what it takes to succeed in newly regulated markets, as demonstrated by the group's strategic agreements in other markets across the Americas."
Current stock price: 565.00 pence each
12-month change: down 12%
By Xindi Wei, Alliance News reporter
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