/ / Playtech signs major Agreements

Playtech signs major Agreements

August 13, 2018 122 0

Playtech, one of the leading casino software companies in the world, has made its intention of joining the London stock exchange clear by signing memorandum of understanding for acquisition of business and assets with an aim of increasing its financial portfolio in the future. Playtech is doing this with an aim of enhancing long term value to its customers and other potential investors.

The First M.O.U

Playtech first memorandum of understanding relates to playtech acquisition of Business and entry to facilitate its entry to the B2B real money social gaming sector through the mobile and online channels. Playtech partner for this project is yet to be disclosed. Simultaneously, playtech will participate in a B2C venture with Brickington trading limited. The company is associated with Teddy Sagi. Teddy Sagi is the founder of playtech and a major shareholder in Brighton trading limited. Once this understanding is cast in stone, it will enable playtech to gain access to a wide spectrum of social gaming platforms which it will service in addition to its platforms cross-cutting capabilities ranging from casino games such as poker rummy and bingo. Currently, the B2C businesses offers play for real lottery and social gaming activities. Once this deal is done, playtech will offer business the license to use its games.

The Second M.O.U

The second M.o.U concerns Playtech intention to acquire office space in London for use by its United Kingdom subsidiary; gaming Technology solutions (GTS). Currently, the office is being occupied by GTS, but playtech wants to make the ownership permanent. It is expected that playtech will buy the property at approximately £10 million dollars or alternatively acquire the property through a long term lease for an annual fee of £750,000. The building in question is currently owned by Worldwide Online Enterprises.

The third M.O.U

The third M.O.U signed regarded the appointment of playtech director Sagi as an adviser to the company. As part of this arrangement, Sagi is to be paid a nominal fee of €1 per year. All the aforementioned transactions are geared to ensure that playtech comply with rules as per the Related Party transactions under the umbrella of the AIM rules for companies.

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