Playtech announced the completion of the cash sale of its financial division, Finalto (formerly TradeTech) to Hong Kong-based Gopher Investments.
As we recently published, Playtech had announced the extension of the deadline to receive a purchase offer until July 15.
We must remember that Gopher, which is a subsidiary of TTB Partners and has a 4.97% stake in Playtech. And now, they paid $250 million in cash for Finalto.
Finally, proceeds from the sale will be used to pay off the outstanding balance on Finalto's revolving line of credit, while the remainder will be used for general corporate purposes.
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