Playtech confirms $210m sale of Finalto

Major gaming brand Playtech has announced the sale of its trading and finance division, Finalto. The buyer is a consortium led by Barinboim Group. It is backed by Leumi Partners Limited and Menora Mivtachim Insurance Limited.

The total amount under the parties' agreement will be $210 million. The new owners are to pay the first tranche of $185 million. Of this, $15 million is deferred for up to two years from the completion of the transaction, with an additional $25 million contingent on certain cash flow or other criteria to which the Finalto group's business meets.

The purchase is expected to be completed in the fourth quarter of 2021. It will increase Playtech's unrestricted cash flow by around $200m. This will be followed by all slots casino an additional deferred financial proceeds of $40m.

"I'm thrilled with the strong performance Playtech has achieved in 2021, despite the ongoing challenges of the pandemic," said Playtech CEO Mor Weiser.

He added: "The sale of Finalto implements a programme to simplify the company's operations. Our technology and products are second to none. We have a clear growth strategy to expand the geographic reach of our core B2B business."

Playtech has highlighted the strength of its online segment during the first four months of 2021, with progress in the US a key element of the brand's growth after the company signed strategic agreements with various jurisdictions and several Greenwood representatives. As a result of these agreements, Playtech has launched its large-scale operation in Michigan. The company is expected to expand further into regulated markets in the second half of 2021. The operator plans to build its own casinos in Michigan, New Jersey and Pennsylvania.

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