The shares of gambling platform Playtech have increased by more than 57 per cent as the deal with gaming technology company Aristocrat is confirmed. Aristocrat announced this morning it was acquiring the entire issued and issued ordinary share capital of gambling platform Playtech for 680p in cash per share.

The acquisition, made through a subsidiary of Aristocrat – Bidco – has an approximate value of £2.1bn on a fully diluted basis, with £2.7bn value on an enterprise value basis.

“This transaction marks an exciting opportunity in the next stage of growth for Playtech, and delivers significant benefits to our stakeholders, including our customers, our shareholders and our incredibly talented people,” said Playtech’s chief executive. Mor Weizer.

“This deal has the potential to enhance our distribution, our capacity to build new and deeper relationships with partners, and bolsters our technological capabilities.

The combination of our two companies builds one of the largest B2B gaming platforms in the world, with the people, infrastructure and expertise to provide our customers with a truly best-in-class offer across all areas of gaming and sports betting.”

According to the buyer, a combination between Aristocrat and Playtech would launch Aristocrat into the online sports betting market, delivering financial returns in the low-mid digits pre-synergies and mid-high digits post-synergies in Aristocrat’s full year of ownership of Playtech.

“The recommended offer is a full and fair value and reflects the strategic potential of the combination in a global gaming sector that continues to migrate online, as a result of technology and entrenched consumer-driven change,” said Aristocrat’s chief executive Trevor Croker.

“Adding Playtech’s talented team with Aristocrat’s established strengths and momentum will create a true industry leader in the global online RMG space, particularly in terms of our B2B capabilities.”

Jason Ader, one of Playtech’s largest shareholders and chief executive of Springowl Asset Management, complimented the efforts made by Brian Mattingley as Playtech’s chairman when closing the deal.

“This deal represents a compelling alignment of strategic interests and validates our long-held view of the value of Playtech,” he said.

“This would be a significant victory for Brian Mattingley in his short tenure as Chairman and we congratulate him on his efforts to address our concerns as long-term shareholders and put the company in a position to unlock value and attract investment into Playtech.”