Playtech to buy Tribeca
The gambling software provider, Playtech, have agreed to buy their former rival, Tribeca, for a figure between $75 million and $139 million, depending on future revenue figures. The move will make Playtech double the size of its nearest competitor.
Tribeca specialise in providing a poker platform solution for online operators such as VCPoker, PaddyPower and Blue Square Poker. The deal also brings with it the Tain poker network and the Scandinavian group, Expekt.
The acquisition strengthens Playtech’s influence over the online poker market and is a sign of Playtech’s ambitions to diversify its portfolio after the banning of online operators taking bets from U.S players.
"This is a landmark deal for Playtech, which in one move, transforms the Company into the world's leading poker network that excludes US players. Tribeca is an outstanding fit for us and the company's licensees are operating, for the most part, in different geographical locations to Playtech's current poker licensees.” commented Chief Executive, Avigur Zmora.
Playtech share values rose by 1.6 percent, valuing the company at around £414 million. It is also expected that Playtech’s poker revenues will double in the coming year.
Editor, Jackpot.co.uk - 2006-11-13 11:03:29