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Playtech sells Finalto for up to $210m
StockMarketWire.com
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Gambling technology group Playtech said it had agreed to sell financial trading division Finalto to a consortium led by Barinboim for up to $210 million.
The company also said it was confident in its prospects for the full year after strong online growth offset the impact of extended lockdowns in Italy.
The consideration for Finalto comprised cash of $185 million, of which $15 million was deferred for up to two years, and $25 million contingent on certain cash flow or other criteria being met.
'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,' chief executive Mor Weizer said.
On current trading, Playtech had assumed that retail lockdowns in its major markets, including Italy and the UK, would last throughout most of the first quarter.
'While retail in the UK has reopened, closures in Italy have continued longer than expected and are currently anticipated to continue to at least the end of the first half,' it said.
Online growth, meanwhile, has remained very strong in both business-to-business and Snaitech, leading Playtech as at the end of April being ahead of its adjusted earnings expectations at the start of the year.
'This outperformance for the first four months provides comfort for the first-half outlook despite the loss of retail revenues in Italy that will impact the second quarter,' Playtech said.
Story provided by StockMarketWire.com
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