Playtech PLC (AIM:PTEC) looks set to be bought by Australian gambling tech firm Aristocrat Leisure which has announced an all-cash takeover offer.
Pitched at 680p per share, the offer is priced at a 58% premium to Friday’s closing price and values Playtech at some £2.1bn.
The bid is to be unanimously recommended by the board of Playtech.
"This transaction marks an exciting opportunity in the next stage of growth for Playtech, and delivers significant benefits to our stakeholders, including our customers, our shareholders and our incredibly talented people,” said Playtech chief executive Mor Weizer.
“The combination of our two companies builds one of the largest B2B gaming platforms in the world, with the people, infrastructure and expertise to provide our customers with a truly best-in-class offer across all areas of gaming and sports betting."
Aristocrat chief executive Trevor Croker added: “The recommended offer is a full and fair value and reflects the strategic potential of the combination in a global gaming sector that continues to migrate online, as a result of technology and entrenched consumer-driven change.
“Adding Playtech's talented team with Aristocrat's established strengths and momentum will create a true industry leader in the global online RMG space, particularly in terms of our B2B capabilities.
“The proposed acquisition continues Aristocrat's approach of investing in medium to long-term growth and we are extremely excited by the opportunities that this will bring for our shareholders, people, customers and players."