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PLAYTECH IN ACQUISITION AGREEMENT WITH AVA TRADE LTD
Wednesday July 1,2015 : PLAYTECH IN ACQUISITION AGREEMENT WITH AVA TRADE LTD.
Agrees Euro 200 Million credit facility.
Playtech subsidiary TradeFX Limited has entered into a share acquisition agreement with Ava Trade, an online B2C CFD broker, for a $105 million consideration.
Completion of the Transaction is conditional on approval from Playtech's shareholders and relevant financial services regulators.
"The acquisition of the Ava Group is another important milestone in Playtech's strategy to expand and enhance its overall technology offering through multiple vertical markets,” said Mor Weizer, chief executive officer of Playtech.
“Since the recent earnings-enhancing acquisition of TradeFX and the creation of our financials division we have sought further opportunities to broaden our reach into this vertical.”
In related news, Playtech has agreed a Euro 200 million unsecured revolving credit facility with Barclays Bank PLC and Royal Bank of Scotland plc, which will, together with existing cash resources, be made available to fund acquisitions and further Playtech growth initiatives.
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Interwetten 2016 Earnings Results -
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EU Online Gambling Tax Harmoney Dead -
Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.
Jack Lam Facing Big Fines in the Philippines -
It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.
PlaySugarHouse To Carry Konami Content -
Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.
ITF TERMINATES BETWAY SPONSORSHIP DEAL -
The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.
GSA To Launch European division -
The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.
Paddy Power Trading Update -
Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.
Tabcorp SunBets project -
The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.
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