Playtech’s Caliplay IPO plans fell through
Early on in the year Playtech had announced a partnership with Mexico-based Caliente to expand into the United States market with a focus on the Hispanic community of the country. The partners had planned to spin off their joint company as Caliplay and list it publicly by merging with an acquisitions company. Sadly, however, the amalgamation never saw the light of day.
The software development company called off the plans citing inferior market conditions globally, such as the Nasdaq Composite and the FTSE All-Share indexes being down twenty percent and four percent respectively.
Despite the turbulence in the markets, the provider stated that they are still looking forward to creating a business operating in the same way as planned using the same partner, this time integrating the operator’s brand instead of spinning off a new one.
In addition to this update, the software company stated that they are ahead of expectations despite the canceling of this deal and the withdrawal of investment firm TTB Partners from purchasing the company.
In conclusion, the proposition of spinning off and publicly listing a company to operate in the American market gets dropped amidst harsh global financial conditions.