Playtech investors reject Finalto sale to consortium led by Barinboim

A majority of Playtech’s shareholders on Wednesday rejected the gambling software maker’s plan to sell its financial trading unit for up to $210m to a consortium led by Israeli private equity group Barinboim Group.

The vote is a win for Playtech’s second-biggest shareholder Gopher Investments, who had clashed with the company over the rejection of its $250m proposal for the Finalto unit.

London-listed Playtech said it was now seeking to engage with Gopher regarding the sale of Finalto, which has been growing rapidly as market volatility brought on by the pandemic made it a lucrative target.

Gopher last month offered $10m to Playtech as a breakup fee, if the company accepted its $250m offer for Finalto.

Playtech had said it would have to pay the Barinboim consortium $8.8m if its investors vote against the deal that was agreed between the two parties in May.

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About Barinboim Group 

Barinboim Group is a private Israeli investment firm that was founded by Zvika Barinboim in 1998. The Group employs a team of top professionals in various fields and is headquartered in Tel Aviv. The team has a deeply rooted understanding and appreciation for building businesses and has a proven track record of investing in notable Israeli listed and private companies across a variety of sectors. Since inception, in excess of $1bn has been deployed across portfolio companies.

Source: Reuters

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