Playtech to sell Finalto to Gopher for $250m

Gambling software developer Playtech has agreed to sell its financial trading division, Finalto, to Gopher Investments for $250m in cash.

Playtech said the sale remains in line with its strategy to simplify the group and unlocks significant capital.

The company said that if the transaction were to complete in the current trading environment, which remains uncertain due to the impact of the pandemic, it would retain the proceeds "until there is clarity", and consequently reduce net debt in the interim.

However, if the funds are received in the first half of next year as expected, the group "remains committed to returning capital to shareholders when appropriate, whilst balancing the opportunities to invest in the business and taking a prudent approach to its capital structure and leverage".

Chief executive Mor Weizer said: "We are very pleased to have successfully reached an agreement with Gopher regarding the sale of Finalto. This transaction delivers on our strategy to simplify the group to focus on the high-growth B2B and B2C gambling markets."