PLAYTECH TO SELL FINANCIAL TRADING DIVISION FINALTO FOR $250M

Gambling technology company Playtech has agreed to sell its financial trading division, Finalto, to Gopher Investments, its second-biggest shareholder, for US$250M. 

The all-cash offer was unanimously approved by the Playtech board, and the transaction is expected to be completed in H1 2022, subject to the usual formalities and regulatory approvals. 

Playtech had previously agreed to sell Finalto to a Barinboim Group-led consortium for $210M, but that deal collapsed in August, when it was rejected by the majority of Playtech’s shareholders. 

For H1 of the 2021 financial year, Finalto generated an adjusted EBITDA loss of $0.6M. Playtech says its sale will allow the group to focus on its tech led gambling offering, and improve the predictability and stability of the group’s cash flows. 

Commenting on the news, Playtech CEO, Mor Weizer, said: “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.”