Playtech to close Finalto sale to Gopher in two weeks

abdelaziz Fathi

Playtech, the London-listed gambling software developer, today said it expects to close the divesting of its financial trading division Finalto by mid July 2022.

Gopher Investments acquired Finalto for the sum total of $250 million in cash and the deal now enjoys the full approval of both Playtech’s board and relevant regulators.

Welcoming the announcement, the gaming technology developer asserted last month that the acquisition of its financial trading division is on track to be completed this summer.

On August 18, Playtech shareholders shot down a competitive proposal by a consortium led by Israel’s Barinboim Group, who also tried to purchase the division for $210 million. Nearly 70% of votes cast were against the transaction as shareholders argued the offer undervalues the business.

At the time, however, the firm founded by Teddy Sagi was skeptical about Gopher’s proposal but was forced to go back and engage with its minority shareholder, which owns a 5% stake in Playtech.

Time to focus on gaming

Following a months-long battle, Playtech’s board said it recommends unanimously in favour of the acquisition. The FTSE 250-listed group didn’t change its recommendation, particularly as it didn’t receive interest in Finalto from other potential acquiring parties.

Over the year Playtech has refocused the business, with the sale of Casual and Social Gaming in January and the disposal of Finalto due to complete later this month. The company reported revenue of €1.21 billion for the twelve months through December 2021, which was up 12% compared to the €1.07 billion accrued in the same period in 2020.

The solid performance was driven by B2B online growth, particularly Latin America and Snaitech. Highlighting its success, Playtech said the revenue growth more than offset hurdles encountered as a result of the COVID-19 pandemic. In particular, the B2B gambling segment grew by 11% to €554.3 million compared to €494.8 million a year earlier.

The gambling technology company has also laid the foundations for its US business to become one of its biggest growth drivers by doubling revenues in the region. Playtech announced new deals that saw the brand expand its US presence to include live casino studios in New Jersey and Michigan.

Read this next

Digital Assets

Midas launches investment strategies for the ‘crypto winter’

Midas.Investments has released three new investment strategies on its custodial CeDeFi platform, creating new opportunities during the ‘crypto winter’.   The platform merges diverse approaches to digital asset management into single-click products to let investors gain steady profits in any market conditions — including the ongoing bear market. a custodial CeDeFi platform, CeDeFi: Unlocking the […]

Digital Assets

Bitcoin.com Wallet adds several ERC-20 tokens

The product expansion includes representatives of the DeFi world, the Metaverse, and the largest stablecoins.

Market News

Savvy Investors to Profit Whether the Stock Market Rebounds or Not

Equities have gone up enormously since the low. SP500 has gained 13.88% since June 17. In August, the indices drifted sideways. On Wall Street, veteran investors expect a move in either direction.

Industry News

Wall Street-backed MEMX obtains SEC approval for options trading platform

The company has raised more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley.

Industry News

Amundi US launches ESG strategy that seeks to outperform S&P 500

Amundi’s Responsible investing team includes more than 45 specialists, and its ESG analysis covers more than 13,500 issuers across debt and equity.

Industry News

Verto launches embedded FX payments solution

The Verto API automates currency conversions, tracks payments and exchange rates in real-time, and is being launched in the follow-up of a $10 million in Series A funding last year.

Industry News

SEC awards over $16m to whistleblowers after another successful enforcement action

The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice.

Digital Assets

Ripple submits most succint explanation of Hinman issue in XRP lawsuit

It might be useful to get up to date as this could be the end of the road for the SEC.

Retail FX

TradingView integrates first Brazilian broker, Órama Investimentos

Órama offers all kinds of investment products, from fixed income to crypto-related funds.

<