Playtech Acquires Virtue Fusion

Playtech announced today that it has acquired the business and assets of Virtue Fusion, a developer and licensor of online bingo products.

The company said that initial consideration of £29 million or €33.4 million, subject to agreed working capital adjustments, will be funded from Playtech’s existing cash resources.

Playtech said it expected the deal, which sees it gain new licensees to add to its own bingo offering, to be earnings accretive in 2010. It said that bingo was one of the fastest growing segments in online gaming in 2009 and that the deal would provide it with cross-selling opportunities.

Playtech Chief Executive Mor Weizer said: “We see this acquisition as not only furthering what is already Playtech’s competitive advantage in the growing online gaming market as a whole, but as having the potential to generate meaningful opportunities in newly regulated markets,” Weizer said.

Virtue Fusion, which has more than 20 licensees including well known brands such as William Hill, Ladbrokes and Paddy Power, had a turnover of £12.3 million and adjusted earnings before interest tax depreciation and amortisation of £3.8 million in 2009.

Shares in Playtech were up 2.1 percent to 477 pence, valuing the company at about £1.15 billion.

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