Playtech issues €315m convertible bond to fund acquisitions and organic growth

Playtech, the online gambling software company, has issued a €315m (£248m) convertible bond to finance acquisitions and organic opportunities that it believes will add value to shareholders. The bond is expected to be converted into shares, at a share conversion price estimated to be between 20% and 30% of today's volume-weighted average.

Playtech has reported soaring profits for the first half of the year to June, up 28% to €97.6m (£76m) and 9% ahead of its own forecast. The FTSE 250 company has been affected by Malaysia's gambling crackdown, although the country is now seeking to amend its laws to cover online betting. Playtech recently purchased two video lottery machine companies for €10.5m (£8.33m).