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Playtech buys into Tribeca

Discussion in 'Casino Industry Discussion' started by jetset, Nov 13, 2006.

    Nov 13, 2006
  1. jetset

    jetset RIP Brian CAG

    Senior Partner, InfoPowa News Service
    LONDON (Reuters) - Gambling software maker Playtech said on Monday it had agreed to buy part of rival Tribeca Tables Europe for $75 million (39 million pounds) in a company-transforming deal.

    The deal brings with it a number of Internet gambling sites currently operating on Tribeca's software platform, including VCPoker, PaddyPower Poker, Blue Square Poker and Scandinavian group, Expekt.

    Playtech (PTEC.L: Quote, Profile, Research) said the deal was in line with its strategy of extending its geographical reach, after the United States effectively banned online gaming at last month.

    "This is a landmark deal for Playtech, which in one move, transforms the company into the world's leading poker network that excludes U.S. players," said Playtech Chief Executive Avigur Zmora.

    Playtech also announced third-quarter income from non-U.S. players increased to 53 percent from 49 percent a year earlier.

    "On the basis that the company (Tribeca) will generate about $16 million over the coming year from the migration date, the consideration to be paid for Tribeca will be $75 million," Playtech said in a statement.

    "The maximum consideration that the company will be liable to pay is $139 million, which will be paid in the event that the revenue generated from this acquisition exceeds $29 million over the coming year from the migration date," it added.

    Playtech shares closed at 190 pence on Friday, valuing the group at around 407 million pounds.

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