The gaming software giant, Playtech is set to acquire TradeFX for a prize of about €458 million for a 91.1% stake, launching itself directly into the FX trading sphere. An interesting note is that TradeFX owns Markets.com as well as its underlying technology.
Tedi Sagi, who happens to be man behind Playtech, plans to officially enter into the world of FX market through its purchase of TRdadeFX Limited for a controlling stake of 91.1%.
The deal occurs as TradeFX reported $27.6 million in Q1 revenues, which marks 87% year-over-year growth, with $12.3 million in EBITDA. Additionally, during the quarter 23,900 customer who were active and 10,800 in first time deposits.
Ever since the company launched as a forex and CFD broker back in 2009, there is no doubt, the company has grown rapidly. The firm has included various trading brands which were headed by Markets.com and Topoption. They launched their latest release named proprietary webtrader, just over last year.
Reports show that the terms of this deal is an initial cash payment of €208mln, with an additional payment of €250 million to be paid December 2017 based on the future EBITDA considerations.
Playtech strongly believes the deal will become immediately accretive to their earnings. The shareholder voting to approve the acquisition will take place later this month, with a potential date of May 31st to complete the acquisition.
Source:https://www.atozforex.com/news/playtech-acquires-markets-com-entering-fx-market/
No comments:
Post a Comment