Playtech shareholders approve Finalto sale
Move paves way for Aristocrat acquisition of London-listed supplier giant
Playtech shareholders have approved the sale of the supplier’s Finalto division to Gopher Investments, paving the way for Aristocrat’s proposed acquisition of the group.
In September, Playtech accepted Gopher’s $250m cash purchase price for its financial trading branch as it looked to streamline group operations.
Shareholders have now given the green light to the deal, which will have the knock-on effect of accelerating Aristocrat’s purchase of the London-listed firm.
Aristocrat submitted a £2.7bn all-cash deal for Playtech in October, with the offer valuing Playtech at 680p per share.
One of the conditions of Aristocrat’s offer was that Playtech shareholders would sanction the Finalto sale before completing the purchase.
Aristocrat expects the acquisition of Playtech to be completed in Q2 2022.
Trevor Croker, Aristocrat CEO, said: “The approval given by Playtech shareholders to dispose of Finalto meets a condition of Aristocrat’s recommended offer and is a further step forward in the completion process.
“Aristocrat’s offer for Playtech has been recommended by the Playtech board, and is the only offer on the table for shareholders.
“We believe that Aristocrat’s offer provides an attractive value and enhanced regulatory and financial certainty for Playtech shareholders, while the combined group will also provide greater opportunities for Playtech employees in a leading global organisation,” he added.
November saw Gopher weigh up a bid for Playtech after it sought certain due diligence from the Isle of Man-based software provider, however declined to make a bid following the news that Eddie Jordan-fronted JKO Play Ltd (JKO) was interested in joining the race two weeks ago. JKO also sought due diligence but has made no comment on its interest since.