Playtech in talks to sell Finalto financials division26th January 2021 8:57 am GMT
London-listed gaming and fintech supplier Playtech is in preliminary talks to sell its financials division to a management consortium.
Playtech said Monday that it is in exclusive talks to sell the Finalto division (formerly TradeTech) to a management consortium backed by Barinboim Group, Leumi Partners, The Phoenix Insurance Company and Menora Mivtachim Insurance.
The consortium is offering up to US$200m in cash, $170m of which would be payable upon completion, with the acquisition including the transfer of approximately $110m in working capital to the new owners.
Playtech cautioned that the discussions are ongoing and may not lead to a final agreement, with a further announcement to be made in due course.
Finalto provides multi-channel trading software, systems and liquidity services as a B2B offering alongside its consumer-facing online trading and investment platform Markets.com.
Shares in Playtech plc. (LSE:PTEC) were trading 0.87 per cent lower at 479.40 pence per share in London Tuesday morning.