Please enable JavaScript in your web browser settings, under the site permissions section to unlock full site functionality. Click here for help.

Article Image - Playtech forays into FX trading market with $224 million buy

Posted 2nd July 2015

Playtech forays into FX trading market with $224 million buy

Gambling technology company Playtech is set to enter the forex trading market after agreeing a deal to buy a majority stake in TradeFX for 208 million euros ($224 million).

Scroll to keep reading

Playtech forays into FX trading market with $224 million buy

View Biography

View Biography

Gambling technology company Playtech is set to enter the forex trading market after agreeing a deal to buy a majority stake in TradeFX for 208 million euros ($224 million).

Playtech provides software used in sports betting and online casino and poker games and counts Betfair, William Hill and Paddy Power as its licensees.

TradeFX, a trading platform and payment services provider is majority owned by a trust for the benefit of Israeli billionaire Teddy Sagi, Playtech’s largest shareholder.

“We intend to offer TradeFX trading platform to all of Playtech’s licensees and other gaming companies, given the fact that the trading platform is complementary to gaming companies’ operations,” Playtech’s Chief Executive Mor Weizer told Reuters.

Playtech shares rose as much as 5% on Thursday morning, and were up 3.1% at 801p by 1022 GMT.

The deal is expected to generate both cost and revenue synergies and would help Playtech enhance its customer base and enter new markets as TradeFX operates in more than 100 countries.

The Isle of Man-based Playtech said it will buy a 91.1% fully-diluted stake in TradeFX, known for the brand markets.com, with an additional payment of up to 250 million euros based on future performance.

Markets.com provides foreign exchange and CFD (contract for difference) trading platforms, including the popular MetaTrader 4 platform.

The gambling industry is looking for ways to bolster growth through acquisitions in light of increasing taxes and regulations in some of its biggest markets.

Playtech is gaining the benefits of a partnership with British gambling company Ladbrokes to distribute all of its Live Games, across all platforms including desktop and mobile.

It also launched its casino products via the online site of Mexican gaming operator Grupo Caliente last year.

“With sustainable earnings growth and potential for earnings-accretive M&A, Playtech remains the top pick,” analysts at Exane BNP Paribas said.

Weizer said gaming remained the core business of Playtech.

Canaccord Genuity is the sole sponsor and a joint financial adviser for the deal while UBS Investment Bank is a joint financial adviser.

Categories: Finance, M&A

You Might Also Like

Getting IT Right

31/08/2016Getting IT Right

3GC Group is a Value Added Reseller, systems integrator and managed services provider of converged networks IT infrastructure for mid enterprises.

Close Brothers Asset Finance acquires Finance for Industry

31/01/2017Close Brothers Asset Finance acquires Finance for Industry

In 2016, Close Brothers Asset Finance acquired Finance for Industry, a leading specialist finance broker for the engineering, plastics and machinery sectors. The acquisition strengthens and expands Close Brothers Asset Finance’s existing offering in the mark

Advancing the Four Pillars of Market Intelligence

10/03/2021Advancing the Four Pillars of Market Intelligence

When it comes to understanding vulnerabilities and predicting shifts in today’s markets, data forms a major part in the decision-making process for most enterprises. Applying that data accurately and effectively is not always easy, but the leading-edge team

Haskell Acquires Leidos Constructors and Design Assets

16/03/2016Haskell Acquires Leidos Constructors and Design Assets

Haskell, one of the leading fully integrated design, engineering and construction firms, announced today that it has signed a definitive agreement to acquire Leidos Constructors, LLC.

A World Leader in Consumer Transaction Technologies

11/09/2017A World Leader in Consumer Transaction Technologies

A World Leader in Consumer Transaction Technologies

RPA in Insurance: Key Cases and Implementation Tips

09/02/2023RPA in Insurance: Key Cases and Implementation Tips

The insurance industry is entering yet another turbulent period after having recovered from the COVID-19 pandemic decline. The unstable macroeconomic and geopolitical landscape, rising inflation rates, currency fluctuations, and the threat of a global recessio

Are You Experiencing Flat or Declining Sales?

04/01/2017Are You Experiencing Flat or Declining Sales?

Flat or declining sales are what many companies and salespeople are facing today. Let’s face the facts - there is a lot of uncertainty right now. All that uncertainty leads to individuals and businesses holding on to their money.

THE COVID-19 PANDEMIC: Is This A Good Time To Be Pursuing M&A?

02/10/2020THE COVID-19 PANDEMIC: Is This A Good Time To Be Pursuing M&A?

Within any bull or bear market there are opportunities available for those willing to seek them out; and the current recession is no exception. Below are a few of our thoughts in answer to the question of whether it is currently a good time to be seeking to ac

A Most Effective Way to Finance Working Capital

13/02/2024A Most Effective Way to Finance Working Capital

With a portfolio of more than 15,000 happy customers relying on it to aid in the optimisation of their working capital and the reduction of risk to their supply chains, eFactor Network SAPI de CV boasts a state-of-the-art financing platform that improves overa

View More Articles

Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have a number of unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

MORE BRANDS