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

In Debt for the First Time – How Your Business Needs to Treat the New Wave of Debtors

09/12/2022In Debt for the First Time – How Your Business Needs to Treat the New Wave of Debtors

As interest rates are hiked by ratios not seen in decades, the fallout from slowing economies across the world is likely to hit middle income earners as much, or more, as those on lower incomes. While those at the poorest ends of society are well-versed in bei

Israel’s RR Media acquires Eastern Space Systems in Romania

06/05/2015Israel’s RR Media acquires Eastern Space Systems in Romania

RR Media (NASDAQ: RRM), formerly known as RRsat Global, a leading provider of global digital media services to the broadcast industry, has announced the acquisition of Eastern Space Systems (ESS) in Romania, a privately held provider of content management and

Haversham Holdings acquire BCA Marketplace 1.8bn USD

01/04/2015Haversham Holdings acquire BCA Marketplace 1.8bn USD

Haversham Holdings said last Thursday that it had agreed to buy the British used car auctioneer and reseller BCA Marketplace in a cash and stock deal for £1.2 billion, or nearly $1.8 billion.

Sie Holding acquires 51% of shares in Tagor Electronic doo Nis.

05/05/2015Sie Holding acquires 51% of shares in Tagor Electronic doo Nis.

Marija Tasic and Vanja Stojanovic, attorneys at law from Tasic & Partners, after months of negotiation, have finalized the acquisition between Austrian company System Industrie Electronic Holding AG (SIE Holding) and Tagor Electronic doo Nis, leading manufactu

The Science Law Firm

18/07/2022The Science Law Firm

Since 1983, Bell Legal Group has been practicing the art of law and using science to find the truth. It is dedicated to helping people get through some of the most complex, difficult life tragedies, and it has become the go-to law firm. We take a look at how B

How To Make Your Product Tracking, Transportation and Management Successful

06/03/2023How To Make Your Product Tracking, Transportation and Management Successful

The transportation and logistics industry is critical to the smooth operation of the global economy. This is because products on the shelves in your local stores pass through multiple hands before reaching the end consumer.

MarshBerry Provide Due Dilligence to NFP’s Acquisition of Hackett Valine & MacDonald

17/06/2015MarshBerry Provide Due Dilligence to NFP’s Acquisition of Hackett Valine & MacDonald

MarshBerry Provide Due Dilligence to NFP's Acquisition of Hackett Valine & MacDonald

Extraordinary Achievements

23/10/2018Extraordinary Achievements

Drawing on more than an aggregated 100 years of local investment experience in the Brazilian market, Prudent Group, through its innovative Prudent Investment Fund (PIF), offers investors a unique opportunity to move into this dynamic market. Having recently be

AI Content Conundrum: Sentiment Degradation Exacerbating the Misinformation Age

13/05/2024AI Content Conundrum: Sentiment Degradation Exacerbating the Misinformation Age

With industries across the board becoming increasingly adept at using AI-driven Large Language Models (LLMs) like OpenAI’s ChatGPT, Anthropic’s Claude2 and Meta AI’s Llama2, it begs one obvious question: How do we make sure all of the content out there i

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