Playtech is suspending its plans for a PLC offering in response to a deteriorating market - Casino Fan

Playtech is suspending its plans for a PLC offering in response to a deteriorating market

Playtech, a gaming company, was going to merge with a blank-check SPAC but has ended that plan.

Playtech is suspending its plans for a PLC offering in response to a deteriorating capital market climate. The company added that it’s working with Caliente Interactive on other options for the Caliplay business.

Playtech will focus on building a U.S. gaming business for the Hispanic population, partnering with Caliplay. They are still exploring this option, but conversations are at an early stage.

A company named Tekkorp Digital Acquisition, based in Las Vegas, is rumored to be the SPAC Playtech speaks of. In December, reports surfaced that Tekkorp was in talks to merge with a company called Caliente Interactive for a transaction worth $2.5 billion.

The Playtech/Caliplay buyout has complexities.

UK-based Playtech, a gaming software maker, controls almost half of Caliente. The company provides software for internet casinos, web-based poker rooms, and online sports wagering. The company also provides software for arcade games, internet games, and scratch games. Playtech was founded in Estonia two decades ago and is headquartered in the Isle of Man.

The company was initially accessed as a promising IPO to list on the U.S. stock market, but it is unclear if this will happen.

Recently, there has been talk about Spanish language broadcasting giant Univision and its shareholders delivering a $250 million private investment for SPAC. They have reportedly partnered with a blank check company.

Univision is an early investor in Caliente Interactive. Much of the activity takes place there, which causes it to be considered Latin America’s second-best economy.

Team Playtech Discontinues Scrapped Merger Plan for Caliente Interactive

In November of last year, Wynn Resorts abandoned the idea of bringing its iGaming and sports betting unit public through a blank-check transaction. Additionally, shares from many gaming firms that came to market through a SPAC merger are slumping mightily, and some of those companies are on the verge of collapse.

There are some signs of positivity related to Playtech, especially in their new partnership with Caliente.

“The Company is currently trading ahead of expectations,” the tech company said, adding that it has seen B2B performance driven by very strong momentum from the Americas and other structured agreements, in addition to a strong performance across the wider B2B operations.

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