Eddie Jordan Receives Financial Backing for Playtech Bid
Reports have emerged in the UK press that Eddie Jordan has received the financial backing of Vikrant Bhargava in his bid to acquire the casino technology company Playtech.
Bhargava is a British businessman who was one of the co-founders of the online casino and poker operator PartyGaming. According to reports, he has now agreed to partially finance Jordan’s gaming company JKO Play.
The Playtech acquisition saga has been going on for some time. Initially, the company received a $2.7 billion offer from Aristocrat. However, last week the company announced that it had pushed back shareholder approval of the Aristocrat deal. The vote was originally due to be held on 12 January but will now take place on 2 February.
Playtech delayed the vote in order to give Eddie Jordan, and JKO Play more time to come up with a $3 billion counteroffer. Jordan and Keith O’Loughlin first expressed interest in Playtech back in November 2021, when they requested more time to work on a potential offer.
Aristocrat made its bid for Playtech in October, and the resultant bidding war has seen the company’s share price climb ever since. Playtech, which was founded in 1999, is an online gaming software supplier whose products are used by numerous operators.
It can provide operators with a complete package including product design, operations management, marketing services, customizable applications, and gaming products including casino, live casino, sportsbook, bingo, and poker. Once considered the industry leader, recent years have seen a decline in Playtech’s position, leading to a great deal of speculation about M&A opportunities.