Playtech, a gaming software company based in U.K is entering the forex market through an acquisition of TradeFX Limited, an online payment services and trading platform provider. The company announced that it would buy a majority stake in TradeFX Ltd for $224.4 million in cash to enter the trading platform and payment services market.
Playtech will buy a 91.1% fully-diluted stake in TradeFX in the deal. The latter’s majority is owned by a trust for Israeli billionaire Teddy Sagi, who is also Playtech’s largest shareholder with a stake of about 33.6%.
TradeFX, is a forex company which provides services in more than 100 countries around the world, whereas Playtech was found in 1999 and has its headquarters in Isle of Man. Playtech announced on Thursday that the deal is expected to conclude by may as reported by Reuters.