Playtech acquires 91% stake in TradeFX with €208 million cash offer

Teddy Sagi

iGaming technology and software provider Playtech Plc has conditionally agreed to acquire a 91% stake in currency trading and binary options operator TradeFX Limited.

The acquisition deal for TradeFX is potentially worth €458 million, as Playtech are prepared to make an initial cash payment of €208 million, combined with corporate performance related caveats valued at an additional €250 million.

TradeFX is majority owned by Telesphere a subsidiary trust of Israeli billionaire Teddy Sagi, Playtech’s largest shareholder with a stake of 33.6%.

“Teddy Sagi has proved to be a good source of deal flow which have contributed strongly to Playtech’s success for the benefit of all shareholders,” analysts at Cenkos Securities wrote in a note.

Playtech have been solely advised on the acquisition by wealth management firm Canaccord Genuity.

Having reported a record breaking 2014, Playtech governance had stated to media and investors that the company was on the lookout for potential acquisitions which would aid future corporate growth.

It is believed tat Playtech management will look to secure additional acquisitions in the coming months as the igaming and sports betting sectors enter a period of consolidation

TradeFX reported EBITDA earnings of €35 million in 2014.Playtech expects the acquisition to be closed by May and will immediately integrate the company’s earnings.

read more  :  www.sbcnews.co.uk

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