Playtech confirms opposition to proposed Ava Trade acquisition

Playtech has revealed that the Central Bank of Ireland (CBI) has written to the company to outline its opposition regarding the proposed acquisition of Ava Trade.

As reported by iGaming Business, Playtech in July confirmed that its TradeFX subsidiary had struck a deal to acquire online trading platform Ava Trade for a fee of approximately $105 million (€93.4 million).

The announcement came after an earlier report suggested Playtech was looking to exercise an option to acquire Ava Trade after also purchasing TradeFX in May.

However, despite issuing an update last month that the Ava Trade deal would be completed before the end of the year, Playtech has now confirmed that it has received opposition to the proposed acquisition from the CBI.

The opposition comes despite Playtech having been granted approval from the Financial Services Commission in the British Virgin Islands.

“Late on October 2, the company received a letter from the CBI opposing the proposed acquisition of Ava Trade,” Playtech said in a statement.

“Having taken legal advice and having regard to the circumstances at hand, the company will be seeking clarification from the CBI today (Monday) and to engage with them in order to discuss certain issues raised in the letter which the Company believes can be addressed to the CBI’s satisfaction.”

Playtech noted that the situation regarding its proposed acquisition of Plus500 remains unchanged, with the deal due to be completed within the next few months.

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