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Playtech set to purchase Plus500 for over £450m

Prov

Playtech
ider Playtech has agreed to acquire trading platform Plus500 for an approximate £459.6m.

The terms of the deal mean that Plus500 shareholders will be entitled to receive 400 pence per share.

The agreement follows an announcement made in April confirming that Playtech is to purchase a majority stake in platform and payments services provider Trade FX for an initial €208m, as well as the completion of Playtech’s $16.4m acquisition of GameMaker: Studio creator Yoyo Games in February.

Playtech CEO Mor Weizer said in a statement published by the London Stock Exchange: "Having recently completed the acquisition of TradeFX, the opportunity to acquire Plus500 will prove transformational for our ambitions to expand Playtech's wider offering.

“As an immediately earnings enhancing acquisition, the combination of the two businesses is compelling, enabling us to apply our market-leading products and services to the enlarged financial trading business as we continue to execute our growth strategy for the group."

Plus500’s shares were suspended in May after some customer accounts were frozen, pending a review into its anti money laundering checks, conducted by the Financial Conduct Authority.

Hedge fund Odey Asset Management has since become the largest shareholder in Plus500 by increasing its stake in the company to 19%.

Both parties expect the acquisition to be completed by the end of September.

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