On Wednesday, Playtech announced their plans to buy some assets from the ACM Group to expand its financial division. The deal will include the intellectual property, technology, and specific customer assets.
What does the deal entail?
The deal is expected to be concluded by 30 September 2017, and the total cost is $150 million. Playtech will make the initial payment of $5 million. Together with this transaction will be a 1x EBITDA of 2017 and 2018 and 5.2 2019 EBITDA for the contingent.
Playtech will be buying a portfolio of institutional focused Alpha Pro, international B2B clients, and proprietary trading technology. As part of the deal, the 20 staff that were responsible for the assets will also transfer to Playtech to continue working on the portfolio.
This leading online casino provider is taking this deal a step further and renaming their financial division to TradeTech Group. The change is to align the division to its objectives and to enforce its brand recognition.
TradeTech Alpha is where the 20 staff will be under the Playtech division.
Comments about the deal
According to the Financial CEO at Playtech, Ron Hoffman, this deal is the right step in the development of TradeTech and will deepen the company’s expertise.
To help them achieve these objectives, they are also going to establish the B2C. It will be for MarketsPro.
Muhammad Al-Amin Rasoul said that the management team at TradeTech Group would give them the platform that will help them grow their division. He also said that the group would have solutions that are secure which is what it is known for.
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