PLAYTECH HAS WASTED little time in repatriating some of the funds it received from the buyout of its William Hill Online shares, announcing the €38.3 million ($49.8 million) acquisition of the renowned affiliate, PokerStrategy, in early July.
The company stated that the deal will allow it to “further diversify its business by providing licensees with access to the world’s largest independent Poker community with over six million members, thereby cementing existing relationships and creating incremental opportunities for both software and PTTS marketing.” Poker Strategy CEO, Cashmio Casino, Damian Sokol and COO Pavel Stehno, will retain their positions after the shake-up, while founders Dominik Kofert and Enrique Guzman will become consultants.
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The takeover will be funded by Playtech’s existing cash reserves. Profit before tax last year at PokerStrategy.com and Slotty Vegas casino, one of the largest online poker schools and player community, and some of the acquired subsidiaries, was €19.5 million, and the group had gross assets of about €18.5 million. “The directors believe the acquisition is complementary to both Playtech’s PTTS marketing division and its overall poker offering, further strengthening Playtech’s leading position in poker and providing a community-based model for player acquisition, whichis attractive to both social and real-money players in existing and soon to be regulated markets,” playtech said in a statement.
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“The acquisition will allow Playtech to further diversify its business by providing licensees with access to the world’s largest independent poker community with over six million members, thereby cementing existing relationships and creating incremental opportunities for both software and PTTS marketing. “Given the combination of cost and revenue synergies, the acquisition is earnings enhancing.”
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