Private equity firm Joffre Capital has purchased a 25.7% stake in Playtika (Nasdaq: PLTK). The company's Chinese shareholder has reported to the US Securities and Exchange Commission (SEC) that it has sold its control in the Israeli gaming company. Joffre Capital is paying $21 per share for a total investment of $2.2 billion.
Even though Joffre Capital is paying well over the market price, Playtika's share price is currently down 5.73% on Nasdaq at $13.56, giving a market cap of $5.3 billion.
In February this year, Playtika announced that it was examining different strategies for maximizing its value to shareholders. "As part of the process, the Board intends to consider a full range of strategic alternatives, which could include a sale of the company or other possible transactions," the announcement said.
Playtika’s share price fell 45% between its flotation in January 2021 and yesterday’s report, to a price giving the company a market cap of $6 billion, which compares with $11 billion in the flotation.
Published by Globes, Israel business news - en.globes.co.il - on June 28, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.