urther to the Q1 KPI announcement on 2 May 2012, PTTS's continued strong performance in Q2 2012 has triggered the accelerated payment of the entire additional consideration of 140 million euros. The acceleration has occurred by virtue of PTTS having achieved an annualised adjusted EBITDA in excess of 40 million euros in the first two quarters of 2012, which is an approximate 100% increase since completion of the acquisition.
In accordance with the original acquisition terms, the Additional Consideration has become payable in four non-interest bearing instalments and will be met by the company's operating cash flows on the following dates:
- within one month from the date hereof, 42 million euros;
- on 31 January 2013, 35 million euros;
- on 31 July 2013, 35 million euros;
- on 31 January 2014, 28 million euros.
The strong overall performance achieved by Playtech during Q1 2012, which has been previously announced, has continued into Q2 2012. The company will be announcing its Q2 KPIs and IMS on 7 August 2012.
Commenting on the accelerated payment, Mor Weizer, CEO of Playtech, said: "The acquisition of PTTS has been very successful for Playtech with its financial performance exceeding expectations. The acquisition has strategically positioned Playtech as a turnkey service provider for the online gambling industry and provided profitable new revenue streams. It has also enhanced our ability to partner with third parties in regulated markets."