Playtech in Talks to Sell its Financial Division for $200M

Playtech PLC has confirmed that it is in exclusive talks to sell its financial division for up to $200 million in cash as part of its simplification plans.

Playtech is going to sell Finalto to a consortium backed by Barinboim Group, Leumi Partners Ltd, Phoenix Insurance Co Ltd, and Menora Mivtachim Insurance Ltd.

Finalto provides a trading platform and liquidity services on a business-to-business basis, while its direct-to-consumer offering is Markets.com.

The cash offer from the consortium is worth up to $200m, of which $170m is payable on completion. Approximately $110m of capital required to run the business will be transferred with the business upon any sale.