Quickspin to slot in nicely for Playtech

Quickspin to slot in nicely for Playtech

Tuesday, May 24, 2016 Totally Gaming
Mor Weizer said the addition of Quickspin will enhance Playtech's offering

Playtech has announced it is to pay up to €50m ($55.9m) for games developer Quickspin, just days after it said it was in “active discussions” over potential acquisitions.

Quickspin, which is headquartered in Sweden, has a portfolio of more than 20 games and develops video slot games for both the online real-money and social gaming markets. Under the agreement announced by Playtech, the gaming and financial services company will pay a maximum consideration of six times Quickspin’s earnings before interest, tax, depreciation and amortisation (EBITDA), subject to a cap of €50m.

Playtech said the acquisition will provide it with a “proven virtual slot machine games portfolio”, with the company planning to distribute Quickspin's content through its existing distribution channels across all verticals.

Mor Weizer, chief executive of Playtech, said: “Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech's position as the leading platform and content provider in the industry. We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family.”

In a statement that echoed the words used by chairman Alan Jackson ahead of Playtech’s AGM just a week ago, Weizer added: “Playtech remains in active discussions for a number of other bolt-on acquisitions as well as larger acquisitions in the gaming division, together with discussions for selective bolt-on acquisitions in the financials division.”

TotallyGaming.com says: “While the value of the deal is minimal compared to Playtech’s €450m acquisition of TradeFX last year, the purchase of Quickspin immediately expands the company’s offering and has great potential.”

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