Playtech Limited
('Playtech' or the 'Company')
Acceleration of PTTS additional consideration
Playtech, (LSE: PTEC) the international designer,
developer and licensor of software and services for the
online, mobile and land-based gaming industry, announces
that the conditions related to the acceleration of the
additional consideration of €140 million payable to
Worldwide Online Enterprises Ltd in respect of the
acquisition of PT Turnkey Services Limited ('PTTS')
as described in the Company's announcement of 10 March
2011 have been fulfilled.
Further 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 (the 'Additional
Consideration'). The acceleration has occurred by
virtue of PTTS having achieved an annualised adjusted
EBITDA in excess of €40 million 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;
§ on 31 January 2013, €35
million;
§ on 31 July 2013, €35 million;
and
§ on 31 January 2014, €28
million.
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,
Chief Executive Officer 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."
- Ends -
Further information
|
Playtech Ltd
Mor Weizer, Chief Executive Officer
David Mathewson, Chief Financial Officer
c/o Pelham Bell Pottinger
|
+44 (0) 20 7861 3232
|
|
Pelham Bell Pottinger
David Rydell / Olly Scott / Guy
Scarborough
|
+44 (0) 20 7861 3232
|
About Playtech
Playtech develops unified software platforms and
content for the online and land-based gaming industry,
together with providing a range of ancillary services such
as marketing, hosting and CRM services.
The Group's capabilities enable the delivery of
an integrated software or turnkey solution, with players
accessing online, broadcast, mobile and server-based gaming
terminals through a single account.
New licensees include existing online operators
upgrading or diversifying their offering, land-based casino
groups, government sponsored entities such as lotteries,
and new entrants making their online gaming debut,
particularly in newly-regulated markets.
Founded in 1999, Playtech is listed on the London
Stock Exchange plc and has some 2,000 employees located in
development centres in five countries.
Its leading gaming applications include casino, poker,
bingo, sports betting, live, mobile and social gaming,
casual and fixed odds games.
www.playtech.com
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