Playtech to Fund New Online Gambling VenturesPublished November 25, 2011 by OCR Editor
Online gaming software provider giant is looking to make new acquisitions and investments.
Playtech, one of the internet's leading providers of online gaming software, said this week that it is looking to raise online gaming software £100m to fund an expansion program of acquisitions and new joint ventures.Opportunities 'Identified'
Playtech first announced in August that it was pursuing several strategic acquisition and joint venture opportunities, but finally confirmed this Wednesday that these discussions have progressed to the point where the right opportunities "have been identified."
The company said it has identified several potential acquisitions which it believes will either complement or improve its existing technology and products. In addition, it said it has found partners with strong local brands in new and soon-to-be regulated markets, with which it could form joint ventures.Funding Ventures
Playtech, which has an existing joint venture with William Hill and also provides software to leading casino operators like Bwin.party and Paddy Power, said the acquisitions would cost it £40 million and the joint venture deals would cost between€15 and €30 million each.
Company founder Teddy Sagi increased his shareholding in Playtech to 43.7 percent this week after agreeing to underwrite the£100 million share placing needed to fund this new expansion program.