Online gaming software developer Playtech Cyprus Ltd. (AIM:PTEC) has made a pair of acquisitions in as many days. The company today signed a poker agreement with Italian gaming site Snai, the day after it acquiring the assets of MIXTV Ltd., an Israeli subsidiary of Win Gaming Media Inc. (Bulletin Board: WGMI) of the US. Playtech made no announcement of the Win Gaming deal due to its small size. However, Win Gaming notified the US Securities and Exchange Commission (SEC) that the sale was for $1.75 million, of which $1.25 million will be paid at the closing and the rest put into an escrow account.
MIXTV will fire all its employees, some of whom Playtech will hire.
Also, Win Gaming's UK-based subsidiary, Two Way Gaming Ltd., will obtain a non-exclusive license for Playtech software products.
Today, in an unrelated deal, Playtech signed an agreement with Italian gaming site Snai, which becomes Playtech's first Italian licensee on its Italian poker network. Snai will receive all of Playtech's portfolio of tournament poker games. Playtech customized the games for the Italian market, including translation and currency conversion.
Playtech closed at ₤5.03 yesterday, giving a market cap of ₤1.2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2008
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