In a fairly bold move, Teddy Sagi is restructuring and combining much of his online holdings under publicly traded Playtech PLC (LON:PTEC)
Playtech is the world’s largest online gaming software supplier
Playtech is acquiring TradeFX in a deal valued up to €458 million.
TradeFX is the holding company behind the Markets.com brand and their forex and binary options trading technology.
Online gambling technology group Playtech PLC (LON: PTEC), the gaming software giant founded by Israeli billionaire Teddy Sagi, announced a move into financial derivatives trading with the acquisition of a 91.1% stake in trading platform provider TradeFX Ltd for €208 ($227.7 million) in cash, plus a possible €250 million depending on future performance.
Sagi still holds a 33% interest in Playtech via Brickington Trading Limited. TradeFX is a privately held holding company controlled by Sagi, whose main asset is Safecap Investments Limited, a Cyprus-based and CySEC-regulated company. Safecap in turn operates under its umbrella a number of online trading brands, which include Markets.com, TopOption, ForexYard, Finexo, Trade.com, OnlyOption, 24winner, and FireOptions.
Initially launched as GFC Markets and later rebranded to Markets.com, the group was backed by Sagi and was his main venture into the forex industry. Telesphere, a subsidiary of Sagi’s benefit trust, currently holds 86.45% of TradeFX, according to ForexMagnates.
The acquisition “provides entry into a highly complementary new market vertical where our combined operational superiority will enable exciting growth opportunities,” said Playtech Chief Executive Mor Weizer, according to DowJones. Playtech will still have “significant resources to continue to pursue further acquisition opportunities” after the purchase, he added.
Sagi has been recently expanding his real estate empire, by acquiring control of London’s historic Camden Markets
in a series of transactions
totaling about £500 million.
TradeFX simplifies access to the FX marketplace using advanced Software-as-a-Service (SaaS) technology. In a single window, the buy side trader can access the entire liquidity available using a streaming, RFQ, order-book or algorithmic model. TradeFX also empowers the buy side trader to dynamically hedge secondary FX exposure generated by multi-asset class trading within the platform.]]>