Playtech Cyprus Ltd. (LSE:PTEC), controlled by Teddy Sagi, announced that its subsidiary TradeFX will buy Israeli company Ava Trade for $105 million.
Founded in 2006 by CEO Emanuel Kronitz and CMO Negev Nosatzki , Ava Trade is a contract-for-difference (CFD) foreign exchange broker has monthly trading volume of $60 billion, with over two million trades a month. The company providing services in more than 160 countries and in over 16 languages
Teddy Sagi, which also owns TopOption and Markets.com via TradeFX has an option to buy AvaTrade, from a previous financing transaction at AvaTrade.
They also agreed a €200 million unsecured revolving credit facility with Barclays and RBS, to target more acquisitions. This comes on top of a £227 million capital raise ($361 million) from the sale of shares, which just closed two weeks ago.
In addition, Playtech PLC (LON:PTEC) announced that it has agreed a €200 million unsecured revolving credit facility with Barclays Bank PLC and Royal Bank of Scotland plc, which will, together with existing cash resources, be available to fund the recently announced acquisitions of the Playtech Group and also further growth initiatives, which still has an outstanding offer to buy Plus500 Ltd.