Playtech's Sale of Finalto Approved by Regulators

Playtech, a leading gambling software development company, announced that it has received regulatory approval to complete the sale of its financial trading division Finalto (formerly TradeTech) to Gopher Investments.

In May 2021, Playtech revealed that it had entered into a transaction with a consortium led by Barinboim Group and backed by Leumi Partners Limited and Menora Mivtachim Insurance Limited. Whereas, Hong Kong-based Gopher Investments made a $250 million offer for Finalto on July 2 in the same year. Ultimately, Playtech unanimously decided to trade with the latter.

According to the sale and purchase agreement between the parties, Gopher Investments will complete the acquisition of the unit by the end of this month.

Playtech is one of the major technology providers for online gaming platforms. The company said the deal is a step to simplify its strategy as it aims to focus on its business in the B2B and B2C gaming markets.

Last October, Aussie leading gaming solutions provider Aristocrat Leisure Ltd. (Aristocrat Leisure) offered to buy Playtech for 2.7 billion pounds. Citigroup then joined the deal and announced to provide financing for Aristocrat Leisure's acquisition.

TTB Partners (TTB), a Hongkong-based boutique investment and advisory firm, approached Playtech over a possible takeover after Aristocrat Leisure's own bid was voted down by shareholders. The company hasn't made any offer at present. As reported, TTB needs to confirm its acquisition intentions before 17 June, 5:00 pm.