Playtech has entered discussions with an ‘Israel based consortium’ about the sale of its Finalto financial trading unit.
Playtech has confirmed that it was offered to sell its financial trading division Finalto for up to $200m.
About the Offer
The consortium comprises Barinboim Group, Leumi Partners Limited, The Phoenix Insurance Company Limited, and Menora Mivtachim Insurance Limited.
The cash offer from the consortium is worth up to $200m, of which $170m is payable on completion. Approximately $110m of capital required to run the business will be transferred with the business upon any sale.
This latest development comes after the group confirmed discussions regarding a sale of the division were continuing earlier this month. It’s in accordance with the company’s aim of simplifying its business and disposing of non-core assets.
“Whilst discussions are progressing, there can be no certainty that any transaction will be forthcoming nor on what terms it would occur,” the statement read.
The online gaming software supplier has also made another move relating to its business simplification ambitions. It has divested YoYo Games, part of the discontinued casual and social gaming division. The Norwegian games publisher Opera bought it for $10 million. This sale means the group has now disposed of all its casual and social gaming assets.
Last week, Playtech announced that it had signed a new long-term agreement with William Hill.
This new agreement represents a significant extension to the long-standing relationship both companies have had for many years. Playtech is supporting Mr Green and other world-class brands under the William Hill International banner for the first time. The company will continue to provide William Hill with casino (RNG) and live casino services. Also, there will be an exclusive provision of its bingo and poker content.
“We’re very much looking forward to continuing our strong and successful partnership for a further five-years,” the statement said.