Major gambling brand Playtech has announced the sale of its financial and retail division to Finalto. The buyer is a consortium managed by the Barinboim Group. It is supported by Leumi Partners Limited and Menora Mivtachim Insurance Limited.

The total amount under the agreement between the parties will be $210 million. The new owners must pay the first tranche in the amount of $185 million. Of this, 15 million is deferred for up to two years from the date of completion of the transaction, as well as an additional 25 million depending on certain cash flow or other criteria that the Finalto group business meets.

The purchase is expected to be completed in the fourth quarter of 2021. It will increase Playtech's unlimited cash by about $200 million. This will be followed by an additional deferred financial gain of $40 million.

"I'm delighted with the high performance that Playtech has achieved in 2021 despite the ongoing pandemic challenges," said Playtech CEO Mor Weiser.

He added: “The sale of Finalto implements a program to simplify the work of the company. Our technologies and products are second to none. We have a clear growth strategy in place to expand the geographic reach of our core B2B business.”

Playtech highlighted the strength of its online segment during the first four months of 2021, with progress in the US a key element in brand growth after how the company signed strategic agreements with various jurisdictions and several representatives of Greenwood. As a result of these arrangements, Playtech launched its large-scale operation in Michigan. In the second half of 2021, the company is expected to expand further in regulated markets. The operator plans to build its own casinos in Michigan, New Jersey and Pennsylvania.

Recall that Slotegratorcontinues to make plans to expand its influence in Europe. 699