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.