Playtech's finance division to be sold for two hundred million US dollars
Playtech's finance division to be sold for two hundred million US dollars
At the end of January it was revealed that a large and influential provider and paysafecard casinos vendor that produces online gambling software is planning to sell its trading division "Finalto". The consortium, made up of large capital investment companies in Israel, is interested in the purchase. The deal, based on preliminary exclusive negotiations, could be worth two hundred million dollars.
According to those involved in the process, the consortium also has backing from high-profile Israeli investors. The list includes the Barinboim Group, Leumi Partners Bank and several insurance tycoons like Menora Mivatchim Insurance and Phoenix Insurance Company.
The fate of Playtech's trading and finance arm, Finalto, has been in doubt for nearly two years, despite the unit's high KPIs. The question of a sale came up in November 2019; Playtech then announced its intention to review operations to select certain operational solutions for the division. Some time later, the online casino operator announced that it was in talks with several interested investors.
Finalto's performance had been "floating" for some time, market volatility and disruptions due to the Covid-19 pandemic, the unit's performance had improved significantly. However, when markets stabilised, the unit's performance began to drop again and suffered losses.
Finally, the press office of the provider Playtech announced that there was still a long way to go before the deal was finalised. The operator's management believes that the sale will still take place in the coming months.
Gambling experts (allslotsonline.casino) point out: the Playtech brand is looking to cut non-core divisions to reduce losses. "Finalto is a very important asset for the company. For example, the operator has already sold many computer solutions and online casinos, slots and social services. The deal struck with Yo Yo Games, under which the operator was to develop software for Norwegian companies, has also been withdrawn.
As a reminder, the parent department of the public company Playtech was incorporated in 1999. The firm provides various software hosted by online casino operators, online poker games, bingo, online bookmaking services; Playtech is a licensed member of the London Stock Exchange and is one of the FTSE 250 indexed members. The company itself claims to be the gambling industry's largest supplier.
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