Gambling software developer Playtech is to proceed with an internal corporate re-organisation of the company’s Best Gaming Technology sports division.
The acquisition of BGT last year led to the company establishing a sports division led by Dr Armin Sageder in July 2016.
As a result of the re-organisation, Dr Sageder's remaining 10 per cent interest in BGT will be exchanged for an equivalent interest in PBS, with the associated put and call option arrangements being revised to relate to his proposed 10 per cent interest in PBS. Dr Sageder will be rewarded for the incremental growth of the non-BGT business, in addition to the BGT standalone business.
The maximum amount payable pursuant to the revised arrangements will be increased to €95m, an incremental increase of €35m versus the previously agreed cap.
The proposed re-organisation arrangements are not expected to become effective until next year.
