Playtech agrees to acquire Plus500 trading platform for £460 million

Igaming technology supplier Playtech has confirmed the agreed acquisition of  financial trading and spread betting operator Plus500 for a deal value of £460 million.

The acquisition of Plus500, sees Playtech increase its profile and services within the financial trading sector, having acquired forex and binary trading specialist Trade FX for £140 million in April of this year.

At present Plus500.com has frozen its UK transactions, following a regulatory review by the UK Financial Conduct Authority (FCA) into its anti-money laundering processes. The FCA review has prompted a temporary suspension into the Israeli operators London AIM trade listing.

A Playtech statement commented on Plus500’s current status

“Plus500’sProducts, technology and marketing skills remain strong, the recent regulatory scrutiny placed on Plus500 has highlighted the advantages of expanding the operational infrastructure”

Playtech CEO Mor Weizer would further state that the corporate acquisition matched Playtech current ambitions and initiatives to offer a wider range of services.

“As an immediately earnings enhancing acquisition, the combination of the two businesses is compelling, enabling us to apply our market-leading products and services to the enlarged financial trading business as we continue to execute our growth strategy for the group”.

Following consecutive performance quarters of growth and record revenues, Playtech governance has continually highlighted corporate expansion through strategic acquisitions.

The technology supplier has highlighted its strong performance in acquisitions as a key competency following its successful purchases and integrations of igaming technologies Virtue Fusion (bingo), iPoker network and Geneity sports betting services.