Playtech Confirms It Is in Talks over Potential Sale of TradeTech
- Playtech’s management is also “evaluating all options” for the TradeTech business, the group said.
Confirming rumors that have been swirling for hours, gambling software company Playtech (LSE: PTEC) has just confirmed in a statement that it is exploring a potential sale of trading technology division to TradeTech.
The FTSE 250 group said in a regulatory update this afternoon it is engaged in talks with ‘a number of parties’ that are interested to acquire TradeTech’s operations, which provides spread-betting services to businesses and consumers.
These discussions are at an early stage and may or may not result in a transaction, the statement said but offered no further details, only saying a further announcement will be made in due course.
Playtech’s management is also 'evaluating all options' for the TradeTech business, the group said, which could be understood it was looking at a sale, or partial sale.
Israeli news agency Calcalist reported earlier today that Playtech has hired UBS Investment Bank for selling TradeTech, looking for an initial bid between $200 million to $250 million.
Playtech’s trading technology division had a strong start this year as increased market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term, led by Covid-19 chaos, boosted revenue. However, before that Playtech trimmed its profit guidance due to highly challenging trading conditions and a regulatory crackdown on risky trading products.
Playtech’s TradeTech division includes TradeTech Alpha, created to deliver a B2B solution, Markets.com, a provider of CFD and FX trading to retail investors, and MarketsX, a dedicated B2C brand for high-net worth clients. Additionally, TradeTech Group includes CFH, which it acquired in 2016.
Earlier this year, Muhammad Rasoul parted ways with ACM Group Limited (known in the industry as ‘Alpha’), ending a four-year tenure with the company that offers bespoke Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and trading solutions to B2B customers.
Rasoul has also left his position as a director at TradeTech Group, a role he held with Playtech financials division since October 2017. In the same year, Playtech agreed a $150 million deal to acquire the assets of privately-owned brokerage firm ACM Group.
Confirming rumors that have been swirling for hours, gambling software company Playtech (LSE: PTEC) has just confirmed in a statement that it is exploring a potential sale of trading technology division to TradeTech.
The FTSE 250 group said in a regulatory update this afternoon it is engaged in talks with ‘a number of parties’ that are interested to acquire TradeTech’s operations, which provides spread-betting services to businesses and consumers.
These discussions are at an early stage and may or may not result in a transaction, the statement said but offered no further details, only saying a further announcement will be made in due course.
Playtech’s management is also 'evaluating all options' for the TradeTech business, the group said, which could be understood it was looking at a sale, or partial sale.
Israeli news agency Calcalist reported earlier today that Playtech has hired UBS Investment Bank for selling TradeTech, looking for an initial bid between $200 million to $250 million.
Playtech’s trading technology division had a strong start this year as increased market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term, led by Covid-19 chaos, boosted revenue. However, before that Playtech trimmed its profit guidance due to highly challenging trading conditions and a regulatory crackdown on risky trading products.
Playtech’s TradeTech division includes TradeTech Alpha, created to deliver a B2B solution, Markets.com, a provider of CFD and FX trading to retail investors, and MarketsX, a dedicated B2C brand for high-net worth clients. Additionally, TradeTech Group includes CFH, which it acquired in 2016.
Earlier this year, Muhammad Rasoul parted ways with ACM Group Limited (known in the industry as ‘Alpha’), ending a four-year tenure with the company that offers bespoke Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and trading solutions to B2B customers.
Rasoul has also left his position as a director at TradeTech Group, a role he held with Playtech financials division since October 2017. In the same year, Playtech agreed a $150 million deal to acquire the assets of privately-owned brokerage firm ACM Group.