Playtech to buy trading platform TradeFX for $224 mln

(Reuters) - Gambling technology company Playtech Plc said it would buy a majority stake in TradeFX Ltd for 208 million euros ($224.4 million) in cash to enter the trading platform and payment services market. Playtech will buy a 91.1 percent fully-diluted stake in TradeFX with an earn out payment of up to 250 million euros based on future performance. TradeFX is majority owned by a trust for the benefit of Israeli billionaire Teddy Sagi, Playtech's largest shareholder with a stake of about 33.6 percent. "Teddy Sagi has proved to be a good source of deal flow which have contributed strongly to Playtech's success for the benefit of all shareholders," analysts at Cenkos Securities wrote in a note.



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