Online gaming and financial trading giant Playtech (LSE: PTEC) responded to rumors on the sale of its financial division Finalto, formerly known as Tradetech. The company confirmed that it is in “exclusive discussions” with a management consortium of Israeli companies for the sale of Finalto.
The consortium is backed by Barinboim Group, Leumi Partners Limited, The Phoenix Insurance Company Limited and Menora Mivtachim Insurance Limited.
The Israel-based gaming company’s filling with the London Stock Exchange stated that the consortium is making an offer of $200 million. Of that amount, $170 million will be payable on completion and around $110 million of the capital required to run the division will be transferred with the unit upon any sale.
Playtech’s financial division Finalto was created with the acquisition of three institutional and retail forex market businesses. FX liquidity provider CFH Group was acquired in late 2016 and later followed the London-based FX and CFDs market maker Alpha Capital Markets. These companies were then combined with Playtech’s Retail FX brokerage unit Markets.com.
Read More:
