Playtech Ltd (PTEC.L), a gambling software development company, on Monday said it has agreed on the amended terms of agreement with online casino and sports betting company, Tecnologia en Entretenimiento Caliplay, S.A.P.I. de C.V., a unit of Corporación Caliente, S.A. de C.V. The amended agreement is expected to take place in the first quarter of 2025 conditional upon Mexican antitrust approval. All current legal proceedings between Caliente, Caliplay and Playtech will be dismissed once the revised arrangements come into effect.
In August last year, Caliplay had issued legal proceedings before the Civil Court of Mexico City against Playtech, seeking cancellation of the legal relationship between Caliplay, Playtech, and related parties contained in various contractual agreements. As per the revised agreement, Playtech will have a 30.8 percent stake in Cali Interactive, the new holding company owned by Caliplay. Playtech will receive $140 million in cash, over a period of 4 years. It is entitled to receive dividends just like other shareholders, and also has the rights to appoint a Director to the Board. Playtech and Cali Interactive will enter a revised eight-year B2B software licence and services agreement.
Additionally, Caliplay has resumed paying Playtech its software and services fees. Playtech has now received more than 150 million euros, over 80 percent of unpaid fees, from Caliplay. The balance has been paid into escrow and is to be released either on the closing of the revised arrangements, which is expected in the first quarter of 2025, or latest by the end of 2025.
Mor Weizer, CEO of Playtech, said, "The agreement with Caliente and Caliplay underlines the attractiveness of Playtech's leading proprietary technology. With a strong position in Mexico and exposure to other fast-growing markets in the Americas and Europe, we remain well-placed to deliver strong growth in our B2B business in the coming years."
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