Playtech expects FCA decision over Plus500 merger by December
Playtech has said it remains confident that its proposed acquisition of Plus500 will go ahead before the end of the year, with the firm expecting a decision on its application to the Financial Conduct Authority (FCA) to be made next month.
As reported by iGaming Business, Playtech in June said it had agreed a deal to acquire Plus500 for around £459.6 million (€656.6 million/$702.2 million), with the transaction initially expected to go through by September.
Playtech in September said the transaction would be completed within the next few months, citing the “high profile” nature of the deal as the main reason behind the delay.
Playtech and Plus500 have now moved to update the market, with the latter releasing a statement in which it said the acquisition should be decided upon by the FCA next month.
However, Plus500 also noted the terms of the agreement state that the deal may be terminated if the acquisition does not go through by the end of the year.
“The Plus500 Board have been informed by Playtech it expects a decision on its application to the FCA in connection with the acquisition of Plus500 in December 2015,” Plus500 said in its statement.
“The terms of the merger agreement are such that it may be terminated if the acquisition is not consummated by December 31, 2015.
“Playtech has informed Plus500 that the FCA's regulatory assessment is a confidential process between the FCA and Playtech.”
Playtech said it will only announce further details on conclusion of the process.
It said: “The company confirms that if the merger is completed, cancellation of admission of Plus500 shares to trading on AIM is expected to incur a corresponding delay.”
Meanwhile, Playtech has launched a dedicated, multi-channel live dealer area for long-term partner Coral.
The Coral Live Casino area features a range of classic live casino titles that can be accessed via a desktop or mobile device.
Focused on the European market, the area includes two new blackjack tables as well as two new roulette and hi-lo tables.
Mark Kemp, gaming director at Coral, said “Our new dedicated Coral Live Casino is the next important element of our gaming proposition and, working with Playtech, we expect the new solution to enhance this further.”
Shimon Akad, chief operating officer of Playtech, added: “Playtech works in partnership with the world’s leading operators to deliver unique branded customer experiences for maximum performance.
“Coral are one of our most valued licensees and they join a growing list of tier one customers that are opting for a dedicated live area.
“The dedicated area and Playtech’s new Live platform, with both enhanced operator and player functionality, means that we have the most powerful omni-channel live dealer solution on the market today.”