Playtech today announced that shareholders have approved its pending acquisition of TradeFX, the holding company behind Markets.com. According to terms of the deal, Playtech is acquiring 91.1% of TradeFX, and providing an initial cash payment of €208 million with up to an additional €250 million paid by December 2017, dependent on the future EBITDA of the forex and binary options brokerage business.
The deal was approved by shareholders by a 99.59% to 0.41% margin.
As stated when first announced, Playtech expected the deal to accretive to shares of the company. Despite questions whether Tedi Sagi, who owns 40% of Playtech stock as well as 86.45% of TradeFX, was using the firm’s capital to line his own pocket, the deal was approved by shareholders by a 99.59% to 0.41% margin.
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According to Playtech, the firm expects the deal to be completed no later than May 31st 2015. Upon completion of the acquisition, TradeFX, along with its assortment of trading and technology units, Markets.com, TopOption, and Keystone Trading Technologies, will become a subsidiary division of Playtech, with the existing management team expected to keep their roles.