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Playtech Agrees To Sell Finalto For Up To $210 Mln

Playtech plc (PTEC.L) said it has agreed to sell its financial trading division or Finalto to a consortium led by Barinboim Group and backed by Leumi Partners Ltd. and Menora Mivtachim Insurance Ltd., together with key members of the Finalto Business' management team, for up to US$210 million.

The company noted that the cash offer comprises an initial US$185 million of which US$15 million is deferred for up to two years from completion of the Transaction, together with a further US$25 million contingent on certain cash flow or other criteria being met by the business carried on by the Finalto group.

Further to transaction negotiations with the Consortium, at ompletion an amount of US$109 million is expected to be transferred with Finalto. The disposal would result in net cash proceeds received at Completion from the Consortium of US$61 million.

Mor Weizer, CEO of Playtech, said, "Looking forwards, Playtech will focus on its technology led offering in B2B and B2C gambling, driven by our online expertise and supported by a strong balance sheet. We have been building momentum in our business, as highlighted by our progress over the last twelve months in key markets such as the US, Latin America, and Europe. The agreements we have signed with new customers in this period further demonstrate our capability as a leading technology provider and show the type of opportunities we intend to convert in the future."

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