Israel mobile gaming company Playtika (Nasdaq: PLTK) has reported strong fourth quarter and 2021 results and announced that it is considering strategic alternatives, including a sale of the company. The company’s share price jumped 18.1% on Nasdaq on Friday to $21.28, giving a market cap of $8.75 billion, still considerably below its IPO valuation of $11 billion, 13 months ago.
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Playtika said, “Board of Directors has initiated a process to evaluate Playtika’s potential strategic alternatives to maximize value for stockholders. 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.
Playtika has retained The Raine Group as its financial advisor to assist with the strategic review process and has retained Latham & Watkins LLP as its legal counsel.
Playtika chairperson and CEO Robert Antokol said, “The goal of the strategic evaluation process we are announcing today is to ensure we are taking every step possible to maximize value for our stockholders. We have always been focused on growing our core business through our investments in people and technology. I am incredibly proud of our results as a leader in mobile gaming and entertainment.”
Playtika’s controlling shareholder Yuzhu Shi recently reported that it is considering selling 15%-25% of its stake in the company.
In the fourth quarter, Playtika reported revenue of $649 million, up 13.2% from the corresponding quarter of 2020. Net profit was $102.3 million, up from $76 million in the fourth quarter of 2020. The positive trend has continued into 2022 with Playtika saying that January revenue was up 9.2% from January 2021, while the number of players in January 2022, grew 12.8% from January 2021.
Published by Globes, Israel business news – en.globes.co.il – on February 27, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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