Zona de Azar UK – Playtech Plc to Sell its Financial Trading Division (Finalto) for u$s 210 Million

UK.- May 28, 2021 www.zonadeazar.com Playtech plc has entered into an agreement for the sale of its financial trading division (Finalto) to a consortium led by Barinboim Group and backed by Leumi Partners Limited and Menora Mivtachim Insurance Limited, together with key members of the Finalto Business’ management team.

Finalto is a specialist in B2C and B2B multi-channel trading software and services.

The cash offer from the consortium is up to US$210 million, comprising an initial US$185 million of which US$15 million is deferred for up to two years from completion of the transaction, together with a further US$25 million contingent on certain cash flow or other criteria being met by the business carried on by the Finalto group.

The Purchaser is a newly formed company incorporated in Israel, established for the purpose of acquiring the Finalto Business. The Purchaser is being funded by a consortium consisting of Barinboim Group, Leumi Partners Limited and Menora Mivtachim Insurance Limited and by senior secured debt financing from The Phoenix Insurance Company Limited and certain of its affiliates.

The Purchaser will be supported by key members of the Finalto Business’ management team that will transfer with the Finalto Business, including Ron Hoffman (Chief Executive Officer of the Finalto Business) and Liron Greenbaum (Chief Operations Officer of the Finalto Business).

Mor Weizer, CEO of Playtech commented: “Playtech has a stated strategy to simplify the Group and today’s announcement is the conclusion of a two year process in which Playtech has explored all routes to maximise value and certainty for shareholders from Finalto.

“The sale also offers a good outcome for all stakeholders in the Finalto Business, providing certainty for colleagues, customers and trading counterparties. The Consortium has a deep understanding of the Finalto Business and the markets in which it operates and we wish our colleagues every future success.

“Looking forwards, Playtech will focus on its technology led offering in B2B and B2C gambling, driven by our online expertise and supported by a strong balance sheet. We have been building momentum in our business, as highlighted by our progress over the last twelve months in key markets such as the US, Latin America, and Europe. The agreements we have signed with new customers in this period further demonstrate our capability as a leading technology provider and show the type of opportunities we intend to convert in the future.”

Editó: @_fonta   www.zonadeazar.com