Playtech to spend over EUR 600 million for strategic acquisitions

By IVCPOST Staff Reporter

Aug 29, 2013 06:20 AM EDT

Playtech said it would be spending more than EUR 600 million or USD 800 million for bolt-on and strategic acquisitions. The gaming software developer said that it would be hunting for opportunities to capitalize on the increased use of tablets and mobile phones for betting on sports and bingo. Playtech is engaged in the business of developing software used by betting companies like Paddy Power and Betfair.

Playtech Chief Executive Mor Weizer told Reuters, "Playtech has more than 500 million euros on its balance sheet and it has access to more than 100 million euros in credit facilities. It's a very good position to be in and definitely we expect to use that to take the company to the next level."

Playtech is debt-free. It also gained GBP 424 million early in March after William Hill purchased its stake in their joint Internet venture. In July, Playtech bought in a deal valued at EUR 38.3 million.

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