Playtech in exclusive talks over $200m sale of Finalto
FTSE 250 gambling software company Playtech confirmed on Monday that it is in exclusive talks with a management consortium regarding the possible sale of its financials division, Finalto, for up to $200m in cash.
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Responding to recent speculation in the Israeli press, Playtech said the consortium comprises Barinboim Group, Leumi Partners, the Phoenix Insurance Company and Menora Mivtachim Insurance.
It added that $170m of the price would be payable on completion and said about $110m of capital required to run the business will be transferred with the business upon any sale.
"As Playtech has announced previously, including in its trading update on 12 January 2021, it is a strategic focus of the company to simplify its business and dispose of non-core assets, and as such it has been continuing to evaluate all options for Finalto," it said.
"Whilst discussions are progressing, there can be no certainty that any transaction will be forthcoming nor on what terms it would occur."
A further announcement will be made if and when appropriate.
At 1310 GMT, the shares were down 1.6% at 477.60p.