Playtech, a market leader in gambling technologies that includes video slots and gaming solutions, has finalized the long-awaited sale of its Finalto financial services company to Gopher Investments for $250 million.

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Gopher Investments acquires Playtech’s $250m Finalto

The conclusion of the over-a-year-long pursuit has also prompted a $8.8 million break fee that Playtech must pay to a group that had planned to purchase Finalto in May 2021.

 Last year, the investment vehicle, a 4.97 percent shareholder in Playtech, made an indicative non-binding conditional offer to acquire Finalto after the gambling technology company had completed a $210 million transaction with a consortium led by Barinboim Group and supported by Leumi Partners and Menora Mivtachim Insurance. 

In the midst of considerable back-and-forth between all stakeholders, Playtech postponed a general meeting at Gopher’s request as it sought further details on its plan, before stating that “the essential clarity has not yet been achieved.

Nonetheless, despite the board of directors’ support for the consortium’s offer, Playtech shareholders rejected it in mid-August by a vote of 68.3% against and 31.7% in favor. 

The consortium and Playtech decided to terminate the sales and purchase agreement immediately. In addition, the final consideration is claimed to be subject to a completion accounting adjustment of up to $25 million in either direction, which will be decided by the financial performance from January 1, 2021, until closing. 

On the basis of the expected completion statement for the relevant period, it is anticipated that an adjustment will result in a reduction of the net consideration in the range of $15 million to $20 million, according to a Playtech statement. 

This adjustment is currently an estimate and will be finalized post-complete based on the actual completion accounts in compliance with the sale and purchase agreement.

A Key Milestone from Playtech

Playtech describes the completion of the transaction as “a key milestone” as part of its continuous simplification plan to concentrate on its technology-driven B2B and B2C offerings. 

The profits of the transaction will be used to retire the outstanding debt on the company’s revolving credit facility, with the remaining revenues being utilized for general business reasons. Teresa Teague, a Gopher director, is mentioned in several media publications as stating that the company is thrilled to have acquired Finalto. 

They have been pleased by the quality of Finalto’s company and management team and look forward to working closely with the team to advance Finalto’s goal of being the financial trading industry’s preferred worldwide partner.

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