Playtech acquires Consolidated Financial Holdings
CFH offers a straight-through processing brokerage service which provides retail brokers multi-asset execution, prime brokerage services, liquidity and complementary risk management tools, Playtech said.
The agreement will back Playtech's target of creating a business-to-business financial software offering and will provide a significant growth opportunity for CFH by providing it access to Playtech's greater scale and financial strength, the UK-listed firm said.
Playtech will pay an initial USD43.4 million to acquire a 70% stake in the firm. The remaining 30% will be subject to a put and call option exercisable in 2019, with the consideration to be based on CFH's earnings at the end of 2018. The total consideration will be capped at USD120.0 million.
"The acquisition of CFH will strengthen Playtech's offering in the B2B market of financial trading and provide the foundation for future acquisitions as well as to become one of the only businesses to offer proprietary, dedicated B2C and B2B platforms to clients," said Ron Hoffman, chief executive of Playtech's Financials arm.
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