Playtech-will-sell-Finalto-to-Gopher-Investments-for-US250-million

Playtech has closed a deal to sell its financial trading division, Finalto, to Gopher Investments for $250 million in cash.

Playtech has closed a deal to sell its financial trading division, Finalto, to Gopher Investments for $250 million in cash.

According to Playtech, the sale represents the “completion of a broad process”, allowing the group to focus on its leading technology offering as a pure gaming business in the B2B and B2C markets. The deal also “increases the predictability and stability of cash flows for the group”.

In the first half of financial year 2021, Finalto generated an adjusted EBITDA loss of $0.6 million.

“We are delighted to have reached an agreement with Gopher regarding the sale of Finalto. This transaction provides our strategy to streamline the group to focus on the high-growth B2B and B2C gaming 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 positioned to capitalize on the exciting market opportunities ahead, driving sustainable growth for the benefit of all our shareholders”.

About Playtech

Founded in 1999 and with premium shares listed on the main market of the London Stock Exchange, Playtech is a market leader in the gaming and financial transactions sectors and has 6,400 employees in 24 countries.

Playtech offers business intelligence driven gaming platform software, services, content and technology across the industry’s most popular product verticals including casino, live casino, sports betting, virtual sports, bingo and poker.

It pioneered omni-channel gaming technology through its integrated platform technology, Playtech ONE. Playtech ONE offers data driven marketing expertise, single wallet functionality, CRM and responsible gaming solutions on a single platform across product, retail and online verticals.