Playtech Plc has completed its plan to restructure the company and focus on ‘core B2B’ growth by selling its final non-core business asset ahead of a crucial second half of 2021.
Playtech announced Wednesday morning that it had agreed to a $210 million (€150 million) deal to sell its financial trading division Finalto to Barinboim Group, a private partnership led by Leumi Partners and Menora Mivtachim Insurance.
Ahead of expectations
Playtech said in an AGM trading update that corporate performance had stayed ahead of expectations, despite additional COVID-19 challenges that saw retail lockdowns continue in the UK and Italy.
Playtech also emphasised confidence in its B2B online gambling performance, which the firm noted was ‘ahead of its adjusted EBITDA expectations’, offering a favourable picture for the remainder of H1 trading.
Playtech also bolstered its worldwide commercial pipeline amid a volatile trading time by signing a new multi-state arrangement with Greenwood Companies in the United States.
Playtech also extended B2B supplier contracts with Caliente, a leading Mexican market gaming firm, and WPlay Colombia, which Playtech claimed had provided a business avenue for entry into the LatAm markets of Guatemala, Costa Rica, and Panama.
In Europe, Playtech said it was keeping a careful eye on events in Italy because the shutdown of Snaitech retail outlets is expected to last for the duration of H1 trading.
Vital H2 business period
Playtech has prepared for a vital H2 business period by welcome Brian Mattingley as its new Chairman, succeeding Claire Milne as corporate governance leader from 1 June.
Playtech Group CEO Mor Weizer said: “I am delighted by the strong performance Playtech has delivered so far in 2021, despite the ongoing challenges posed by the pandemic.
“The sale of Finalto delivers on our strategy to simplify the Company. Our technology and product offering is unrivalled and we have a clear growth strategy to expand the geographic reach of our Core B2B business.”