Online Gambling Company Playtech Signs New Deals

14 April 2012 – By Cristian Dragomir

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Software provider Playtech is one of the most successful companies in the online casino and gambling industry. Since it was founded, the company has evolved in one of the biggest names in the online gambling market. Now, the company intends to obtain a premium listing on the main market of the London Stock Exchange but before doing that, Playtech has signed a number of memorandums of understandings (MoUs). The MoUs imply the acquisition of assets and businesses in order to enhance the company’s long term value.

One of the agreements relates to Playtech’s intention of entering the B2B real money social gaming sector through online and mobile channels. Other MoUs are promoted because Playtech’s founder, Teddy Sagi, desires a participation in a B2C venture with different enterprises in which Brinckington Trading Limited is interested. Sagi owns Brickington, which is Playtech’s largest shareholder. The B2C businesses offer play for real lottery and social gaming activities and these transactions would enable Playtech to access a broad range of social gaming platforms.

Another memorandum concerns Playtech’s United Kingdom subsidiary, Gaming Technology Solutions (GTS). Playtech wants to acquire office space in London for its local subsidiary from Worldwide Online Enterprises, the owner of the building currently occupied by GTS. The transaction is estimated at £10.5 million outright or alternatively a long term lease for an annual fee of £750,000. Through another MoU, Playtech director and major shareholder Sagi will be appointed adviser to the company. The company’s founder will be paid a nominal fee of €1 per annum.

PT Turnkey Services Limited (PTTS), a company which through its subsidiaries, provides B2B online gaming service operations, was purchased by Playtech from Worldwide Online Enterprises Limited. The software provider updated its stakeholders of its transaction with PTTS through an independent stock exchange advisory. Playtech will receive a €4.2 million discount from the initial purchase price by completing the transaction earlier than originally agreed and due to the strong performance of PTTS since its acquisition. These transactions will constitute a Related Party Transaction as defined by the AIM Rules for Companies, even if completed before the AIM listing.

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