Playtech has entered into an agreement for the sale of its financial trading division, Finalto, to Gopher Investments for $250m in cash.
The deal was unanimously supported by the Playtech board as being in the best interests of shareholders, and is expected to be completed in H1 2022, subject to regulatory clearances.
According to Playtech, the sale represents the “conclusion of an extensive process,” allowing the group to focus on its technology led offering as a pure play business in the B2B and B2C gambling markets. The deal also “increases predictability and stability of cash flows for the remaining group.”
For the first half of the 2021 financial year, Finalto generated an adjusted EBITDA loss of $0.6m.
“We are very pleased to have successfully reached an agreement with Gopher regarding the sale of Finalto. This transaction delivers on our strategy to simplify the group to focus on the high-growth B2B and B2C gambling markets,” said Playtech CEO Mor Weizer.
“I would like to thank everyone at Finalto for their tremendous contributions to Playtech and wish them every success. We are pleased to recommend this transaction to our shareholders, and we remain well placed to capitalise on the exciting market opportunities ahead, driving sustainable growth for the benefit of all our stakeholders.”