Playtech confirms potential sale of TradeTech
Playtech announced it is exploring the potential sale of its trading technology division TradeTech.
While the FTSE 250 group confirmed in a regulatory update that it had been talking with several interested parties since November when the division was struggling, it stressed that the company was evaluating all options.
“These discussions are at an early stage and there can be no certainty that any transaction will be forthcoming, or whether acceptable terms will be agreed,” Playtech said in a statement.
They added that TradeTech continued to make valuable contributions to the business, providing spread-betting services to various clients with “exceptional performance” during H1 and into July due to increased market volatility and trading volumes.
According to Israeli news agency Calcalist, Playtech has hired UBS Investment Bank to sell TradeTech, looking at an initial bid of up to $250 million.
The TradeTech division includes TradeTech Alpha, Markets.com and MarketsX, as well as CFH, which was acquired in 2016.
Shares in the company closed 0.3% higher at 373.90 pence each in London on Thursday.
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