Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Playtech says no longer pursuing SPAC deal for unit of peer Caliente

Published 29/07/2022, 14:18
Updated 29/07/2022, 14:30
© Reuters. FILE PHOTO: Gambling cubes and chips are seen in front of displayed Playtech logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

© Reuters. FILE PHOTO: Gambling cubes and chips are seen in front of displayed Playtech logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - UK gambling software provider Playtech (LON:PTEC) said on Friday it had stopped pursuing talks with Caliente Interactive for the Mexican sports betting firm's unit Caliplay to list publicly in the United States via a SPAC deal, citing weak capital market conditions.

Playtech currently receives a fee for the software and services it provides to Caliplay and has an option agreement with parent Caliente to buy 49% of the unit plus a right to buy new shares in the new vehicle, should Caliplay be bought out.

London-listed Playtech said it was exploring other alternatives.

© Reuters. FILE PHOTO: Gambling cubes and chips are seen in front of displayed Playtech logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

"Both parties (Playtech and Caliente) also continue to have discussion with the SPAC (special purpose acquisition company) and its associates regarding this alternative opportunity," Playtech said.

Earlier this month, Hong Kong-based investment and advisory firm TTB Partners abandoned a takeover bid for Playtech, blaming challenging market conditions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.