PLAYTECH HAS BIG ACQUISITION SPENDING PLANS
26 June 2009
Internet gambling software developer may be
targeting a major marketing business
Playtech plc's chief finance officer Shuki Barak has
revealed that the software developer has some ambitious
spending plans in its acquisition strategies, with a
number of targets in mind that include an as yet
unidentified marketing business which could be the
subject of a $750 million takeover deal
In an
interview with the publication Mergermarket, Barak said
that Playtech has a call option on the undisclosed
target, based on a 5.5x multiple over annual profits of
$500 million. The company holds the option until March
2011.
Commenting that the deal will dwarf
Playtech's $250 million involvement in William Hill
Online (see previous InfoPowa reports), Barak said that
the company is additionally considering four smaller
targets including a hosting provider, a customer
services specialist and a payment advisory firm, and is
set to seal between 10 and 15 licensing agreements
before the end of 2009.
Barak confirmed that
Playtech was not interested in troubled operations such
as Codere in Spain, preferring to remain as far as
possible focused on software development rather than
direct operational matters.
"As a pure software
supplier we have no intention of going into operations
as it would create a conflict of interest," Barak said.
"We could only consider a minority stake investment in a
gaming operator, but this is unlikely to happen in the
short term.”
Online Casino News Courtesy of
Infopowa
More news here.
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