Playtech CEO bets on TTB acquisition

Playtech will form an independent committee, comprising directors other than the CEO, to consider the proposal.

Following the announcement on February 3 that TTB Partners Limited had inquired into the possibility of acquiring the gaming giant Playtech, the company has now confirmed that its CEO, Mor Weizer, wishes to explore the possibility of this sale. 

Any offer from TTB, according to a Playtech statement, is expected to be substantially higher than the recommended cash acquisition by Aristocrat that was rejected recently. 

TTB now has the backing of both Weizer and Tom Hall, the brand’s former CEO, as it makes its play for the company. 

TTB is a Hong Kong-based investment and advisory firm. Its bid follows the rejection of Aristocrat’s proposal by a collection of Asia-based Playtech shareholders.

The supplier made clear to clarify that despite the acknowledgment and consideration of this offer, this does not mean a sale is imminent. 

The brand’s statement said: “This is not an announcement of a firm offer under Rule 2.7 of the Code. There can be no certainty as to whether Mr. Weizer or Mr. Hall will participate in the TTB investor group, nor whether an offer for the Company will be announced nor as to the terms on which any offer might be made.”

The proposed sale of Playtech is becoming somewhat of a saga in the gaming industry, of which this is only the latest chapter. Reports first emerged in October 2021 that the company had agreed a $2.9bn merger with Aristocrat. As time passed, however, it became clear that the deal would not go ahead. 

Following Aristocrat’s efforts, Gopher Investments emerged as the next suitor, although it now appears to be out of the race. 

With the confirmation that TTB is willing to pay more than Aristocrat, those wishing to sell Playtech will hope that is not another false dawn. 

As things stand, the independent committee formed at Playtech is set to further consider the potential offer. 

Henry Moore

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