Playtech completes acquisition of TradeFX
Gaming software and services supplier Playtech has completed its acquisition of online CFDs and binary options broker and platform provider TradeFX.
As reported by iGaming Business, Playtech last month announced that it had agreed a deal to acquire a 91.1% stake in TradeFX.
The agreement includes an initial cash payment of €208 million ($233 million) and an earn-out payment of up to €250 million based on future performance.
Playtech has now confirmed it has satisfied all outstanding conditions relating to the acquisition of TradeFX, including the approval of the Cyprus Securities and Exchange Commission, and that the transaction has completed.
As part of the agreement, the financial statements of TradeFX will be fully consolidated into Playtech's today (Friday) and TradeFX will begin to make a contribution to Playtech’s financial results for the year ending December 31, 2015.
Speaking at the time of the original announcement, Mor Weizer, chief executive officer of Playtech, said: “TradeFX's proven management team has a strong cultural fit with our business and is incentivised to stay with the enlarged group.
“The acquisition adds weight to the strong momentum with which we have started the year and which has continued throughout the first quarter.”
Related article: Playtech acquires majority stake in TradeFX