Casino software developer Playtech gets approval to sell Finalto

Casino software developer Playtech gets approval to sell Finalto

Playtech, a renowned developer of real-money casino software, said on Wednesday that it had secured the required regulatory clearances to finalize the sale of its financial trading segment Finalto to Gopher investments of Hong Kong. 

Playtech shareholders authorized the cash-only sales of $250 million in December 2021, and the firms anticipate closing the transaction by the end of June 2022.

Playtech

Playtech is letting go of Finalto 

The division’s dismal performance is another reason why Playtech is eliminating Finalto. The IT provider declared its intention to sell Finalto in March 2021. Initial interest in the proposal came from a consortium headed by Barinboim Group, an Israel-based private equity group. In May 2021, they presented a bid for up to $210 million, followed by Gopher’s proposal in July. Due to worries about the Hong Kong equity fund’s ties to China, the board of directors selected Barinboim’s offer. However, Playtech’s shareholders did not concur and voted against Barinboim’s bid, leaving Gopher as the only prospective acquirer of Finalto. Despite the consortium’s ongoing interest, Gopher was able to allay Playtech’s fears, and the two parties successfully completed a $250 million transaction. The sale of Finalto, which comprises Retail Forex/CFD broker Markets.com, will dramatically increase Gopher’s FX and CFDs market footprint.

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Facing Acquisition Difficulties 

Playtech is approaching the conclusion of its takeover negotiations with TTB Partners of Hong Kong. With a final deadline of June 17, it is unknown if the two sides will be able to achieve an agreement after more than four months of discussions. The shareholders of Playtech recently rejected Aristocrat Leisure’s $3.75 billion offer to acquire the company. Aristocrat Leisure is an Australian manufacturer of gaming equipment. Gopher indicated interest but ultimately withdrew from negotiations. The Playtech board has repeatedly assured shareholders of continuous work on the TTB purchase, but essentially no fresh information has been released. Playtech’s CEO, Mor Weizer, supports the move, but as the cutoff date approaches, it is becoming more probable that the company will stay independent for the foreseeable future. Playtech is one of the biggest and most respected worldwide software vendors for gaming and betting. The motivation for the sale was the company’s desire to concentrate on its core business and streamline its overall structure. This streamlining will enable Playtech to focus on its successful B2B and B2C operations, which was one of the primary drivers to the company’s 12 percent revenue growth in 2021. Playtech has just expanded into Canada and Mexico and posted a record EBITDA for the first quarter of 2022 of $105 million.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.