• Saturday, October 01, 2022

Business

Poker tycoon Vikrant Bhargava ‘backs JKO bid for Playtech’

(Photo by Ethan Miller/Getty Images)

By: Chandrashekar Bhat

BRITISH Indian businessman Vikrant Bhargava is backing gaming outfit JKO Play’s bid for software provider Playtech, media reports said.

Bhargava is understood to have committed to part-financing JKO Play which is led by former Jordan Grand Prix owner Eddie Jordan, according to a Sunday Times report.

With a reported net worth of around £500 million, Bhargava, 49, a co-founder of the online casino and poker operator PartyGaming, is one of Britain’s wealthiest gambling tycoons.

Australian gambling machine maker Aristocrat Leisure offered to buy Playtech for £2.3 billion in October 2021. Last week, Jordan’s consortium was allowed more time to come up with a £3 billion counter-bid for Playtech.

This follows the postponement of Playtech’s shareholder meeting called to consider Aristocrat’s offer of 680p per share of the Isle of Man-based company.

American private equity firm Centerbridge is understood to be in discussions with JKO to provide debt structured capital, the report said.

Founded in 1999, Playtech provides software for online casinos and online poker rooms.

Playtech’s shares, which traded in a range of 347p and 775p on the London Stock in the past year, closed at 711.5p on Monday (10), down 1.18 per cent from the previous close.

Eastern Eye

Related Stories

Eastern Eye

Videos

Mrunal Thakur on Dhamaka, experience of working with Kartik Aaryan,…
Nushrratt Bharuccha on Chhorii, pressure of comparison with Lapachhapi, upcoming…
Abhimanyu Dassani on Meenakshi Sundareshwar, how his mom Bhagyashree reacted…