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Playtech Looking to Raise Capital for Plus500 Deal
Friday June 19,2015 : PLAYTECH SETS ABOUT RAISING CAPITAL FOR PLUS500 DEAL (Update)
Company places up to 29,050,000 ordinary shares - 9.9 percent of current issued share capital - to help fund £459.6 million purchase.
Playtech plc announced Thursday a placing of over 29 million shares - around 9.9 percent of its share capital - to fund its £459.6 million acquisition of CFD trader Plus500
The placing should raise some £250 million as the online gambling software supplier continues to evaluate a number of other investment opportunities and has flagged strong current trading.
Financial analysts pointed out that main Playtech shareholder Teddy Sagi's Brickington investment company will take up 33.6 percent of the placing to maintain its shareholding.
Overall, this placing surprised some observers who recall that Playtech said at the time of the Plus500 deal that it would fund the acquisition through existing resources and debt facilities. However, to complete the other CFD brokerage business on which it has a call option (TradeFX) and leave it with scope to do other bolt-ons, the company decided to raise equity.
Playtech CEO Mor Weizer, commenting on the placing, said: “Playtech's enviable M&A track record has been founded on its ability to be pro-active, facilitated by financial flexibility which has allowed it to be able to act from a position of strength.
“Today's equity fundraising, in conjunction with new debt facilities, which we are in the process of securing, will improve the efficiency of Playtech's capital structure whilst maintaining the financial flexibility to pursue acquisitions in both the gambling and financial trading space to deliver long term value for our shareholders.”
The company further advised the market that it has purchased additional shares in Plus500, increasing its shareholding in Plus500 to 9.36 percent.
Earlier, Plus500’s founders and management, who hold 35.6 percent of Plus 500's issued ordinary share capital, undertook to promote a shareholder vote in favour of Playtech’s cash offer of 400p per Plus500 share
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