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.
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.
