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Playtech Limited signs non-binding memorandum of understanding to acquire social B2B assets and businesses
[April 17, 2012]

Playtech Limited signs non-binding memorandum of understanding to acquire social B2B assets and businesses

Apr 17, 2012 (M2 EQUITYBITES via COMTEX) -- Provider of software and services for the online, mobile and land-based gaming industry, Playtech (AIM: PTEC), announced on Tuesday that it has signed a non-binding memorandum of understanding (MoU) in preparation for the move to a Premium Listing on the Main Market of the London Stock Exchange.

The company said that the MoU also relates to its intention to acquire certain assets and businesses including those enabling Playtech's entrance into the social gaming market.

Playtech added that it intends to acquire office space currently occupied by Gaming Technology Solutions (GTS) in London, UK for a consideration anticipated to be GBP10.5m, or alternatively lease the building on a long term basis for an annual fee of GBP750,000. The company said that it expects the transaction to be completed prior to its intended Premium Listing.


Teddy Sagi has been appointed as an advisor to the company, for a nominal fee of EUR1 per annum, ahead of the intended Premium Listing MoU regarding purchase of B2B real money gaming and B2B social assets and businesses, as well as equity stake in related B2C venture. Sagi is beneficially interested in Playtech's largest shareholder, Brickington Trading Limited.

The consideration for the intended acquisition is expected to be EUR95m, payable by Playtech in one or more tranches at a time of its choosing following completion. Any outstanding balance from an initial payment on completion will accrue interest at a competitive market rate. The balance of 80% equity in the B2C assets and business incorporating play for real, lottery and social gaming activities, will be retained by entities in which Sagi is beneficially interested. These entities will be granted perpetual royalty free licences to use the software and other assets being acquired by Playtech as part of the transaction, as well as a licence to use certain games within Playtech's portfolio in each case in relation to play for fun activities, Playtech stated.

Comments on this story may be sent to info@m2.com

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