Playtech Planning for Sale of Trading Arm Finalto

Playtech is planning for exclusive negotiations with a consortium. The reports confirmed that the negotiation includes a $200 sale of the financial trading division, Finalto, formerly Trade Tech.

A management consortium backed by Israeli investment and insurance companies has made a whopping offer with $170mn to be paid upon completion of the deal. A further $110mn of the capital required to run the business will be transferred later after the deal is closed.

The private equity firm, Barinboim Group, the merchant and investment banking business Leumi Partners, and The Phoenix Insurance Company Limited and Menora Mivtachim Insurance Limited.

This came after the negotiations started as Playtech looked to solidify the business and disposing of the non-core assets. Playtech confirmed the news and said they are evaluating all possible options for Finalto. However, it is confirmed, that no term has been reached so far. A further announcement is expected when it is appropriate, Playtech confirmed.

Finalto is a technology-based division in the contract for differences (CFDs) and financial trading industry and operates both on B2B and B2C basis.

The performance had improved for Finalto on the first half of the year, from the market volatility and trading volumes. Playtech evaluating the future of the trading division for more than a year. It had confirmed that after a strong performance in the first year, they are finding all options.

However, there is no guarantee that the talks would result in any decision as of now.

The simplification confirmed that the $10mn disinvestment of Yo Yo Games to Norwegian software business operation earlier this year.

Source: https://lcb.org/news/playtech-in-talks-over-200m-financials-division-sale

Leave a Reply

Your email address will not be published. Required fields are marked *

Arizona Daily Register
© Copyright 2021 Arizona Daily Register
Powered by WordPress | Mercury Theme