Playtech PLC (LON:PTEC) has agreed to sell its financial trading division Finalto to a consortium for US$210mln.
The consortium is led by Barinboim Group and backed by Leumi Partners and Menora Mivtachim Insurance alongside the subsidiary’s management.
Net cash proceeds on completion will amount to US$61mln and, on receipt, Playtech said it will consider a return to shareholders depending on the business environment at the time.
Going forward, Playtech will focus solely on the B2B and B2C gambling markets.
Mor Weizer, Playtech's CEO, said: "Playtech has a stated strategy to simplify the group and today's announcement is the conclusion of a two-year process in which Playtech has explored all routes to maximise value and certainty for shareholders from Finalto.
In a trading update also released today Playtech added: "Online growth has remained very strong in 2021 in both B2B and Snaitech.
"This strength in B2B has led to Playtech as at the end of April, being ahead of its adjusted EBITDA expectations at the start of the year (excluding Finalto).
"This outperformance for the first four months provides comfort for the H1 outlook despite the loss of retail revenues in Italy that will impact Q2.
"Whilst the COVID-19 pandemic continues to pose challenges and the macroeconomic outlook remains uncertain, given the strong start to the year the board is confident of the company's prospects for the remainder of 2021, while mindful of the possibility for further unexpected lockdowns".