Playtech Sells Financial Trading Division Finalto for $210 million

​Playtech, a FTSE 250 listed company listed on the London Stock Exchange, today announced its proposed sale of financial trading division Finalto for up to US$210 million.

According to the official press release, the financial unit will be sold to a consortium led by Barinboim Group and backed by Leumi Partners Limited and Menora Mivtachim Insurance Limited. The total offer of $210 million includes an initial payment of $185 million, of which $15 million is deferred for up to two years from completion of the transaction, together with a further $25 million contingent on certain cash flow or other criteria being met by the business carried on by the Finalto group.

Finalto, previously known as TradeTech Group, remained one of the most profitable units for the company during the last few years. It registered a revenue of €121.9 million in 2020​, up by 80% compared to 2019. The adjusted EBITDA of this arm skyrocketed 623% to €56.4 million.

Back to last year, Playtech hired UBS Investment Bank for selling TradeTech, looking for an initial bid between $200 million to $250 million. The move is expected to come as Playtech is looking to focus on its core gaming technology and services business moving forward.