Playtech, in order to simplify its growth strategy, has sold off its financial trading business, Finalto. This trading update was provided for the period from 1 January to 30 April 2021.
The deal was finalized for $210 million where the Finalto was sold to a consortium led by Barinboim Group and backed by Leumi Partners Limited and Menora Mivtachim Insurance Limited, according to reports.
As per Gambling Insider, Playtech CEO Mor Weizer said: “I am delighted by the strong performance Playtech has delivered so far in 2021, despite the ongoing challenges posed by the pandemic. The sale of Finalto delivers on our strategy to simplify the company. Our technology and product offering is unrivalled and we have a clear growth strategy to expand the geographic reach of our core B2B business.
“We believe that due to the hard work and dedication of our employees, Playtech will exit the pandemic stronger than ever,” added Weizer. “Looking ahead, we are confident that the simplified group and the exciting growth opportunities ahead will deliver significant value to shareholders.”
The entire amount consists of an initial $185m, of which $15m is deferred for up to two years from completion of the transaction.