Playtech sells Plus500 stake as investment battle develops
London-listed technology supplier sells 10% holding in online retail trading platform for £176m
Playtech has today sold its entire 10% stake in retail online trading platform Plus500 for approximately £176m.
The supplier announced in a trading update that proceeds from the sale will be used for general corporate purposes and debt reduction.
The sale comes just one week after news broke that Jason Ader’s SpringOwl hedge fund had built up a 5% stake in Playtech, and was expected to “press for asset disposals or a sale of the company”.
Hedge fund tycoon Crispin Odey holds a similar-sized stake, and has reportedly been in talks with Ader about “turning up the heat on Playtech management,” according to The Times.
Interestingly, Odey’s fund also owns a 6.7% stake in Plus500.
Playtech unsuccessfully attempted to acquire Plus500 for £460m in 2015 after failing to gain approval from the Bank of Ireland and the UK’s FCA.