29th Sep 2021 17:23
(Alliance News) - Playtech PLC on Wednesday said it has agreed to sell Finalto, its financial trading division, to investment vehicle and 5.0% shareholder Gopher Investments for an enterprise value of USD250 million in cash.
The online gaming and sports betting firm said the sale is in line with its strategy to simplify the group's structure and unlock "significant capital".
The sale is subject to Playtech shareholder approval, and if granted, the acquisition is expected to be completed in the first half of 2022. Should the deal be completed in the current trading environment, which remains uncertain due to the effect of the global pandemic, Playtech will keep hold of the proceeds until there is clarity, and reduce its net debt.
"We are very pleased to have successfully reached an agreement with Gopher regarding the sale of Finalto. This transaction delivers on our strategy to simplify the group to focus on the high-growth B2B and B2C gambling markets," said Chief Executive Officer Mor Wiezer.
"I would like to thank everyone at Finalto for their tremendous contributions to Playtech and wish them every success. We are pleased to recommend this transaction to our shareholders, and we remain well placed to capitalise on the exciting market opportunities ahead, driving sustainable growth for the benefit of all our stakeholders," Weizer added.
Shares in Playtech closed up 3.5% at 459.80 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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