Playtech Raises 227 Million for Acquisition of Forex Trading Platform

Written by:
Reuters
Published on:
Jun/18/2015
Playtech Raises 227 Million for Acquisition of Forex Trading Platform

(Reuters) - British online gaming company Playtech Plc said on Thursday it had raised 227 million pounds ($361 million) through a share placement to help fund its purchase of forex trading platform owner Plus500 and other potential deals.

The company placed 29.05 million shares, representing about 10 percent of its current share capital, with institutions via an accelerated bookbuild. The shares were priced at 780 pence each.

Shares in the company were down 2.3 percent at 789.50 pence at 1335 GMT on the London Stock Exchange.

Isle of Man-based Playtech agreed to buy Plus500 for 460 million pounds earlier this year. It also bought TradeFX, a trading platform and payment services provider.

"Today's equity fundraising, in conjunction with new debt facilities, which we are in the process of securing, will improve the efficiency of Playtech's capital structure whilst maintaining the financial flexibility to pursue acquisitions," Chief Executive Mor Weizer said in a statement.

Canaccord Genuity and UBS were joint bookrunners for the placement while Shore Capital was lead manager.

Playtech said its core business continues to perform strongly, with average daily run rate revenue rising more than 25 percent in the second quarter. ($1 = 0.6324 pounds)

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