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Playtech plc acquiring TradeFX

Thursday April 2,2015 :  PLAYTECH GETS INTO THE BINARY BUSINESS
 
Online gambling software group to acquire 91 percent stake in TradeFX.
 
Playtech plc, a primarily online gambling software provider, announced Thursday that it is to further its diversification strategy with the acquisition of a 91.1 percent stake in TradeFX, an online CFDs and binary options broker and trading platform provider.
 
A stock exchange statement by Playtech said the move represents a strategic entry into a new and growing vertical.
 
The consideration payable comprises an initial cash payment of Euro 208 million and an earn out payment of up to Euro 250 million based on future performance.
 
In its statement, Playtech highlights the following advantages flowing from the deal:
 
* Compelling opportunity to enter growing and complementary vertical driven by similar core competencies;
 
* Directly in line with Playtech's strategy to acquire profitable, regulated, highly cash generative businesses with market-leading positions;
 
* Experienced management team, with a proven track record, who will remain with the business;
 
* Consideration at attractive multiple of up to 8x adjusted EBITDA;
 
* Business at inflection point with current annualised EBITDA run rate significantly ahead of 2014;
 
* Acquisition immediately significantly earnings enhancing;
 
* Acquisition is classified as a related party transaction;
 
* Major Independent Shareholders approached; positive response received with indicative support of approximately 23.3 percent. of Ordinary Shares held by Independent Shareholders;
 
* Brickington Trading Limited, Playtech's largest shareholder, agrees to 12 month lock-up in respect of its Ordinary Shares;
 
Describing TradeFX, the Playtech statement claims it was founded in 2009,  has a staff of 500 and offices in five countries, profitably providing services in more than 100 countries and in over 25 languages, with both B2C and B2B offerings.
 
Its principal B2C brand is markets.com, and it has proprietary technology and CRM capabilities focused on increasing customer conversion rates and maximising customer lifetime value.
 
The enterprise, which operates in a dynamic but fragmented sector, has similar characteristics to the gambling industry, providing Playtech with access to consolidation opportunities, the statement notes, adding that the business enjoyed a 2014 EBITDA of $34.9 million with high ca sh conversion and a grouip margin of around 40 percent..
 
Commenting on the transaction, Playtech CEO Mor Weizer said Thursday:
 
"I am delighted to announce the proposed acquisition of TradeFX which provides entry into a highly complementary new market vertical where our combined operational superiority will enable exciting growth opportunities.
 
"In addition to being immediately and significantly earnings enhancing, the payment terms for the acquisition are weighted towards future financial performance of the business. TradeFX's proven management team has a strong cultural fit with our business and is incentivised to stay with the enlarged Group. We look forward to working with them to create additional shareholder value.
 
"The acquisition adds weight to the strong momentum with which we have started the year and which has continued throughout the first quarter. Following the acquisition, Playtech will retain significant resources to continue to pursue further acquisition opportunities. We will provide a further update on trading performance in our quarterly trading update which will be announced later this month."
 
Canaccord Genuity is acting as sole sponsor and joint financial adviser to Playtech in connection with the TradeFX transaction. UBS Investment Bank is acting as joint financial adviser to the company.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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