Playtech shareholders approve $250 million Finalto sale

Online gaming and financial services company Playtech plc (LON:PTEC) has announced that its shareholders have voted overwhelmingly in favour of the company’s agreed-upon $250 million sale of its Financials division, Finalto, to Hong Kong based Gopher Investments.

Playtech’s financial services division comprises the Finalto-branded institutional services business, and Retail FX/CFDs broker Markets.com. With the acquisition, scheduled to close in the second quarter of 2022 following receipt of required regulatory approvals, Gopher will become a major player in both the B2C and B2B ends of the FX and CFDs industry. Finalto produced Revenues of €32 million in the first six months of 2021.

FNG readers will recall that Playtech shareholders resoundingly rejected the previous planned sale of Finalto earlier this year for $210 million. However, that was likely because shareholders expected a significantly better offer for Finalto to emerge, which did eventually happen.

Playtech itself is now “in play”, with the company having agreed to a £2.1 billion buyout by Australia’s Aristocrat Leisure Ltd (ASX:ALL). Gopher also took a look at making a bid, but eventually withdrew its interest. Another potential bidding group, led by former Formula 1 owner Eddie Jordan and ex Ladbrokes executive Keith O’Loughlin, has also expressed interest in Playtech but has not yet formally made a rivaling bid.

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