TTB Partners Given Deadline For Playtech Bid

Playtech, one of the world’s leading providers of software and content for online casinos, will find out in the next few weeks whether TTB Partners will come up with a firm takeover bid or not.

The iGaming company has been facing an uncertain future over the past few months after Aristocrat Leisure Limited, the Australian slot machine manufacturer, has made an offer of 3 billion dollars to take over the business.

That bid led to public interest in the sale from two competitors, JKO Play and Gopher Investments, and that made the deal a lot more complicated than it might have seemed at first.

The two competitors eventually withdrew from the race without even making an actual bid, and the whole saga ended in February 2022 when the Playtech shareholders voted against the Aristocrat takeover bid.

After the Aristocrat deal collapsed, Playtech revealed that TTB Partners manifested their interest in taking over the company. The discussions have registered some progress, but now TTB must either make an actual offer or withdraw their interest before 5pm on 17 June. TTB has been considering the offer for Playtech for the past 15 weeks.

Despite the uncertainty regarding the takeover attempts, Playtech’s business has been going extremely well lately. The first quarter of 2022 brought the company adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 106 million dollars.

The company revealed that the good performance was driven by both its business-to-business and business-to-consumer activities. In the B2C side of the activity, the Snaitech division recorded massive growth in online business and retail also recovered well following several months of problems caused by the novel coronavirus pandemic.

As for the B2B side of things, Playtech attributed the good results mainly to strong growth in the Americas, particularly in Mexico with the powerful Caliplay brand. Playtech also announced that its global operations, including live casino, have been booming thanks to new partnerships and new titles.

Playtech was founded in 1999 and has developed into a powerful provider of video slots and live casino titles. The company has around 6,400 employees in 24 countries, and its products can be found in almost all the largest online casinos in the world. Playtech’s live casino titles are currently broadcast from studios in the United States, Latvia, Estonia, the Philippines and Romania.

Source: “TTB given deadline of 17 June to submit firm Playtech bid“. iGaming Business. May 20, 2022.