Playtech‘s shareholders on Wednesday approved the acquisition of its financial trading unit Finalto by Hong Kong-based Gopher Investments, the company’s second-largest shareholder, which has recently dropped talks to acquire Playtech. After the decision, Australia’s Aristocrat said its $2.8 deal to buy the London-listed gambling software developer is expected to complete in the second quarter of 2022.
“Playtech is pleased to announce that the ordinary resolution set out in the Notice of the General Meeting to approve the Disposal was duly passed today, on a poll vote, by Playtech’s shareholders,” Playtech stated in an official announcement after the general meeting.
Under the agreements between the two companies, Gopher will acquire Finalto for $250 million in an all-cash deal. After the shareholders’ approval, the company is expecting to close all the processes of the acquisition by the second quarter of 2022.
As for Playtech takeover process by Aristocrat Leisure, the two have already signed a definitive agreement, and the Playtech shareholders will again vote to confirm the deal on January 12, 2022. “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,” said Trevor Croker, Aristocrat’s CEO and Managing Director.
“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 organization.”
In addition, a consortium led by JKO, which is controlled by the former Formula One team-owner Eddie Jordan and a former executive at the Scientific Games, Keith O’Loughlin, has shown interest in Playtech by making a preliminary inquiry.
