Playtech has announced that it expects to complete the sale of its Finalto financial trading division to Gopher Investments (a minority shareholder in Playtech based in Hong Kong) by the middle of July.
After putting Finalto up for sale in March 2021, Playtech’s board agreed to divest it to a consortium led by Israeli private equity fund Barinboim Group in May 2021.
In June 2021, Gopher Investments made a $250m bid for Finalto.
Before the sale could be finalised, Playtech’s board asked Gopher Investments questions related to ownership, possible links to China and whether this decision could hinder regulatory approval of the acquisition.
While Gopher answered initial questions, Playtech said it required further clarity on some of its responses.
After not receiving additional responses, Playtech’s board announced its support for the Barinboim bid, and that shareholders could vote on the deal during their general meeting.
The majority of voters voted against the Barinboim offer. Shareholders representing 75.3 million shares voted for the deal, while shareholders with 164.3 million shares voted against.
Playtech’s board agreed to sell Finalto to Gopher Investments in September 2021.
The deal received clearance last June, while the sale was approved by shareholders during a general meeting in December 2021.
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