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Tuesday 14th November 2006
Playtech Agree Tribeca Acquisition
Playtech the listed international designer and developer of software for the online and land-based gaming industry, has announced that it has agreed to acquire certain assets and undertaking of Tribeca Tables Europe Limited.
The acquisition, which is still subject to a number of conditions, will see the entire Tribeca network cease its operations six months from the date of the agreement, by which time the migration of the online poker operators to Playtech's platform is planned to be complete. This follows Tribeca's decision to block certain territories, namely the US.
Playtech believes that the synergies between the two companies will lead to significant savings in respect of the additional costs involved in supporting the migrated licensees. Additionally, the Company predicts higher revenues to be generated by the increased player liquidity, as well as the introduction of Playtech's casino games to the migrated licensees.
Playtech CEO Avigur Zmora, commented, '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 we look forward to welcoming Tribeca's licensees and offering them the best combination of poker knowledge and world leading technology.”
The consideration for Tribeca is believed to be around $75 million, which could rise to $139 million depending on revenue.
Source:OnlineCasinoNews
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