Playtech's Rich Speculation
Israeli gaming entrepreneur Teddy Sagi is set for a £300m premium after Playtech the internet online gaming company appointed financial advisers to explore the possibility of floating or selling. City Analysts believe Playtech are currently valued at £500m. Founded in 1999 Playtech have provided casino software for Tote and BetFred. Teddy Sagi is thought to control two thirds of the company through his investment vehicle NAV (New Age Investments).
There was intense interest focused on the possibility of online casino turnkey provider Playtech going after a London listing this week following speculation (see earlier Online-Casinos.com and InfoPowa reports) and an interesting article in the Israeli business press.
The article speculated that notwithstanding the slowdown in internet gambling share prices following Party Gaming's pessimistic opinion on the poker market a month ago, its principal shareholder Teddy Sagi was keen to list.
As previously reported, Playtech has been holding discussions with UK capital market financial advisors to examine various options, including an IPO. It is claimed that PlayTech’s shareholders prefer an IPO.
Word in the City is that the company expects to go public in November, but a PlayTech spokesman denied the rumours, claiming that the company has no plans for an IPO before the end of 2005. It could be that Playtech is waiting for the dust to settle on Party Gaming's pessimism, perhaps monitoring the recent IPO of 888.com and other online gambling companies before committing itself.
Google News - 2005-10-17 12:29:26