Playtech says no longer pursuing SPAC deal for unit of peer Caliente
Reuters
Published Jul 29, 2022 14:18
Updated Jul 29, 2022 14:30
(Reuters) - UK gambling software provider Playtech (LON:PTEC) said on Friday it had stopped pursuing talks with Caliente Interactive for the Mexican sports betting firm's unit Caliplay to list publicly in the United States via a SPAC deal, citing weak capital market conditions.
Playtech currently receives a fee for the software and services it provides to Caliplay and has an option agreement with parent Caliente to buy 49% of the unit plus a right to buy new shares in the new vehicle, should Caliplay be bought out.
London-listed Playtech said it was exploring other alternatives.
"Both parties (Playtech and Caliente) also continue to have discussion with the SPAC (special purpose acquisition company) and its associates regarding this alternative opportunity," Playtech said.
Earlier this month, Hong Kong-based investment and advisory firm TTB Partners abandoned a takeover bid for Playtech, blaming challenging market conditions.
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Written By: Reuters
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