Private equity firm Joffre Capital is seeking financing to fund a potential bid for control of mobile game developer Playtika (Nasdaq: PLTK), people with knowledge of the matter told "Bloomberg" Last month, Joffre Capital, which "Bloomberg" describes as a tech-focused buyout firm started by Chinese dealmakers, purchased a 25.7% stake in Playtika.
The investment firm is considering boosting its Playtika stake to become the majority shareholder, according to the people, who asked not to be identified because the information is private, "Bloomberg" added.
Joffre Capital payed $21 per share last month for a total investment of $2.2 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.
Playtika's share price is currently down 2.76% at $12.32, giving a market cap of $5.081 billion.
Published by Globes, Israel business news - en.globes.co.il - on July 13, 2022.
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