TTB Partners Limited no longer intends to make an offer for Playtech, citing challenging underlying market conditions.
TT Bond Partners, through its Hong Kong regulated entity, TTB Partners Limited, is an investment and advisory firm that has been involved in over $250bn of transactions across the US, Europe, and Asia.
Earlier this year TTB was informed by Mor Weizer, CEO of Playtech, of his intention to explore potential participation in an investor group alongside former CEO Tom Hall.
Playtech’s Board of Directors has stated today that, despite the setback, the investment and advisory firm ‘continues to be supportive of the Board and the executive management team, their strategy for Playtech and the prospects for the business’.
The Board added it remains confident about the positive long term prospects for the Group, evidenced in the recent trading performance across its core B2B and B2C businesses.
Playtech’s H1 2022 with adjusted EBITDA is expected to be more than €200m. The B2B performance has been driven by strong momentum from the Americas, in addition to a strong performance across the wider B2B operations, including live casino.
Playtech’s Board has expressed ‘great confidence’ in its prospects for 2022 and beyond, and the company’s ability to deliver material value to its shareholders. On 11 July, Playtech completed the all-cash sale of Finalto, using the majority of the proceeds to repay its revolving credit facility.
Mor Weizer commented: “Playtech carries strong momentum going into H2 2022 and continues to perform very well across its core B2B and B2C businesses. This performance reflects the quality of our market-leading technology offering and the hard work and commitment of our talented team.
“We remain confident in our long-term growth prospects and, in particular, our ability to benefit from the structured agreements that are already allowing Playtech to access newly opened gambling markets.”
Brian Mattingley, Chairman of Playtech, added: “This process has shone a spotlight on the fundamental premium value of Playtech’s businesses and the Board will continue to consider options to maximise value for all shareholders.
“Playtech is the leading technology company in the gambling industry, with an unrivalled quality and breadth of products. The Group’s B2B business continues to go from strength to strength while Snai is the number one sports brand across retail and online betting in the Italian market.
“We are confident that we have the right strategy and the right team in place to build on this strong start to the year and deliver for all our stakeholders.”