Playtech has reached an agreement on the terms of a recommended cash acquisition by Aristocrat, a leading global gaming content and technology company listed in Australia.

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Under the terms of the acquisition, Playtech shareholders will receive 680p per share, valuing the business at £2.1bn on a fully diluted basis and £2.7bn on an enterprise value basis. This represents a premium of approximately 58.4 per cent to the closing share price on October 15. 

The combination will build one of the largest B2B gaming platforms in the world, with the people, infrastructure and expertise to scale significantly further, enabling Playtech to provide its customers with a truly best-in-class offer across all areas of gaming and sports betting.

"While Playtech has made significant progress delivering on its strategy, most notably in the Americas, it will take time and further scale to maximise the opportunities ahead," the company said.

"The proposal put forward by Aristocrat therefore provides an opportunity for shareholders to secure faster delivery of Playtech’s long-term value at an attractive price.