TTB Partners Abandons Deal to Buy Playtech

Hong Kong-based boutique investment and advisory firm TTB Partners (TTB) today (July 14) walked away from making a takeover offer for British gambling software company Playtech, citing challenging market conditions.

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Timeline of TTB' Playtech Acquisition Attempt

• October 2021, Aussie leading gaming solutions provider Aristocrat Leisure Ltd. (Aristocrat Leisure) offered to buy Playtech for 2.7 billion pounds.

• November 2021, Citigroup joined the deal and announced to provide financing for Aristocrat Leisure's acquisition.

• February 2022, TTB approached Playtech about the acquisition​, with the backing of Mor Weizer, CEO of Playtech, and Thomas Hall, former director of Playtech. The tech giant initially set June 17 for TTB as a deadline to confirm the acquisition interest.

• June 2022, the approval of Playtech's Panel on Takeovers and Mergers, Playtech has extended the deadline for confirmation of acquisition intent from TTB to July 15, 2022.

• Today, TTB officially announced that it has abandoned its acquisition intention to acquire Playtech.

Although TTB abandoned its acquisition attention of Playtech, its affiliate Gopher Investments had received regulatory approval in June to complete the acquisition of Playtech's financial trading arm, Finalto.

Currently, TTB owns a 4.97% stake in Playtech, making it the company's third-largest investor, according to Refinitiv Eikon data.