Playtech approves sale of Finalto to meet Aristocrat buyout requirement
Shareholders of Playtech approved the sale of the company’s financial trading division, Finalto, To Gopher Investments, fulfilling one of the key conditions of Aristocratic hobbiesthe possible takeover of the company.
Welcoming the announcement, game technology and content developer Aristocrat said the acquisition was on track to be finalized in the second quarter of 2022, while adding that the regulatory approval process “continues to progress positively.” .
The Australian-listed company is currently seeking approval for antitrust, foreign investment, financial regulation and gaming approvals to complete its acquisition of Playtech for £ 2.7 billion, or 680 pence per share.
“The approval given by the shareholders of Playtech to sell Finalto meets a condition of Aristocrat’s recommended offer and constitutes a new step in the process of completion”, explained Trevor Croker, Managing Director of Aristocrat Gaming. “Aristocrat’s offer for Playtech has been recommended by the Board of Directors of Playtech and is the only offer on the table for shareholders.”
“We believe Aristocrat’s offering provides compelling value and increased regulatory and financial security for Playtech shareholders, while the combined group will also provide greater opportunities for Playtech employees in a leading global organization.
“Aristocrat is well positioned to complete the transaction as scheduled in the second quarter of calendar year 2022”
Representing a 58% premium over Playtech’s closing price at the time of the announcement of the offer, the board of directors of the gaming technology group was unanimously recommended to approve the buyout, which will be funded by a round of funding of £ 864 million in combination with its existing cash resources.
If successful in acquiring Playtech, Aristocrat will leverage the Snaitech division of its new subsidiary to “operate and innovate” in Europe, while also aiming to increase revenues, expand customer base and provide a physical scale for games in Europe. line.
However, Aristocrat is not the only company to have expressed interest in acquiring Playtech, as it was confirmed in early November that JKO Play Limited, a consortium led by Scientific games executive Keith o’loughlin and old Formula One team owner Eddie jordan, had approached the board of directors with a possible buyout.