The London Stock Exchange uses cookies to improve its website. The cookies for analytical purposes have already been set. For more details and how to manage cookies, please see our privacy and cookies policy.

Alliance News Detail


TOP NEWS: Playtech Buys Majority Stake In Brokerage Platform CFH

[ 14 Nov 2016 07:52 ]

LONDON (Alliance News) - Gaming and financial technology provider Playtech PLC on Monday said it has agreed to acquire a majority stake in Consolidated Financial Holdings AS in a deal worth up to USD120.0 million.

CFH offers a straight-through processing brokerage service which provides retail brokers multi-asset execution, prime brokerage services, liquidity and complementary risk management tools, Playtech said.

The agreement will back Playtech's target of creating a business-to-business financial software offering and will provide a significant growth opportunity for CFH by providing it access to Playtech's greater scale and financial strength, the UK-listed firm said.

Playtech will pay an initial USD43.4 million to acquire a 70% stake in the firm. The remaining 30% will be subject to a put and call option exercisable in 2019, with the consideration to be based on CFH's earnings at the end of 2018. The total consideration will be capped at USD120.0 million.

"The acquisition of CFH will strengthen Playtech's offering in the B2B market of financial trading and provide the foundation for future acquisitions as well as to become one of the only businesses to offer proprietary, dedicated B2C and B2B platforms to clients," said Ron Hoffman, chief executive of Playtech's Financials arm.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.


TOP NEWS: Playtech Buys Majority Stake In Brokerage Platform CFH - Alliance News

The Exchange accepts no responsibility for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds.

You are accessing the London Stock Exchange Annual Report Service powered by PrecisionIR.

The Exchange accepts no responsibility for the content of the reports you are now accessing or for any reliance placed by you or any person on the information contained therein.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds