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Playtech Raises Capital for Online Casino Expansion
LONDON --
In a company release to worldwide news providers, Playtech Ltd., announced it has raised nearly $218 million dollars of capital to finance future acquisition opportunities in Europe and abroad.
Playtech, one of the world's largest developers of online casino software, sold over 21 million shares of common stock to make it happen.
According to the reports, the issue was "40% oversubscribed" with a great amount of U.S. demand.
Dealings in the placed shares, which represent 9.9% of Playtech's share capital prior to the placing, will start on June 23.
The sale of common stock was coordinated by Collins Stewart. They are a leading investment banking group based in London.
In early morning trading, shares of Playtech were down 14 pence, or nearly 3%, at 534 pence, valuing the business at close to $2 billion dollars of market capitalization.
Those close to the online casino industry know, Playtech provides a turn-key solution to companies interested in providing internet casino services. Playtech provides the infrastructure, software, and support needed to sustain an offshore casino operation.
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