1st Jul 2015 13:09
LONDON (Alliance News) - FTSE 250-listed gaming technology company Playtech PLC on Wednesday said it has struck a USD105 million deal to buy contracts-for-difference broker Ava Trade, exercising an option it acquired when it bought TradeFX.
Playtech added that it has also secured a new EUR200 million unsecured revolving credit facility through Barclays Bank PLC and Royal Bank of Scotland PLC, which will be used alongside other recently-raised funding and existing cash resources, to fund its acquisition drive.
In addition to TradeFX, Playtech has made a bid to acquire troubled AIM-listed contracts for difference broker Plus500 Ltd and struck a deal to buy TradeFX earlier this year.
"The acquisition of the Ava Group is another important milestone in Playtech's strategy to expand and enhance its overall technology offering through multiple vertical markets. Since the recent earnings-enhancing acquisition of TradeFX and the creation of our financials division we have sought further opportunities to broaden our reach into this vertical," said Playtech Chief Executive Mor Weizer.
Playtech shares were up 1.0% to 827.00 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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