Interactive

UK – Playtech confirms $250m cash deal to sell financial trading division

Playtech has entered into an agreement for the sale of its financial trading division, Finalto, to Gopher Investments for US$250m in cash.

Playtech has stated that the disposal remains in line with stated strategy to simplify the group, unlocking ‘significant capital’ and ‘to focus on its technology led offering as a pure play business in the high growth B2B and B2C gambling markets’.

For the first half of the 2021 financial year, Finalto generated an adjusted EBITDA loss of US$0.6m. The final consideration is subject to adjustment of up to US$25m in either direction, which is determined by the financial performance of Finalto from 1 January 2021 to completion.

Mor Weizer, CEO of Playtech, commented: “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.

“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.”