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PLAYTECH SPEEDS UP PTTS PAYMENT
Friday July 27,2012 : PLAYTECH SPEEDS UP PTTS PAYMENT
Euro 140 million additional consideration kicks in
Playtech plc has announced that the conditions related to the acceleration of the additional consideration of Euro 140 million payable to Worldwide Online Enterprises Ltd in respect of the March 2011 acquisition of PT Turnkey Services Limited have been fulfilled.
PTTS's continued strong performance in Q2 2012 has triggered the accelerated payment of the entire additional consideration through PTTS achieving an annualised adjusted EBITDA in excess of Euro 40 million in the first two quarters of 2012, which is an approximate 100 percent increase since completion of the acquisition.
In accordance with the original acquisition terms, the additional consideration of Euro 140 million has become payable in four non-interest bearing instalments and will be met by the Playtech's operating cash flows on the following dates:
* Within one month, Euro 42 million;
* On 31 January 2013, Euro 35 million;
* On 31 July 2013, Euro 35 million; and
* On 31 January 2014, Euro 28 million.
Mor Weizer, CEO of Playtech, said: "The acquisition of PTTS has been very successful for Playtech with its financial performance exceeding expectations. The acquisition has strategically positioned Playtech as a turnkey service provider for the online gambling industry and provided profitable new revenue streams. It has also enhanced our ability to partner with third parties in regulated markets."
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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