Playtech in talks for selling its financial division TradeTech

Steffy Bogdanova
August 28, 2020 9:41 am

Online gaming and financial trading giant Playtech made an announcement in response to recent rumors and speculation. The company confirmed that it is considering the sale of its financial division TradeTech Group (which includes CFH, Alpha, Markets.com).

The Israel-based gaming company Playtech recently announced that it is evaluating options for its financial division, including a sale. The company confirmed it is in discussion about a potential sale of TradeTech with a number of parties. However, the discussions are at an early stage.

Playtech shared in November last year that that the trading conditions in its TradeTech unit were highly challenging during September and October and the company expects the division’s results for 2019 to be well below management’s expectations. The company warned that it may sell parts of TradeTech.

Playtech

The gaming group recently said that it has benefited from the Covid-19 induced market volatility and reported strong performance for TradeTech.

In March 2020 the company’s Board decided to maximize liquidity and suspend shareholder distribution because of the Covid-19 situation. The share repurchase programme announced at the FY19 result was also postponed as was the 2019 final dividend. These measures were able to save the company more than €65 million of cash outflows.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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