Brokers News

AvaTrade breaks acquisition by Playtech after Plus500 deal gets called off

Nov 24 2015 08:55:08 GMT
By
Stanimir Zhelev , ForexBrokerz.com Find me on Google+

The shareholders of Irish regulated forex broker AvaTrade have terminated a share purchase agreement with gambling platform developer Playtech, under which Playtech would acquire the broker, the developing company said on Monday.

 

Earlier on Monday, Playtech announced it has called off the proposed acquisition of Plus 500, another forex broker, due to its concerns that it is unable to meet the requirements of the UK’s Financial Conduct Authority (FCA). Despite having the nod of the Cyprus Securities and Exchange Commission (CySEC) for the acquisition of Plus500’s share capital, Playtech also needed to acquire the FCA’s approval, but this had to happen before the end of 2015, since as part of the deal, the acquisition may be terminated if it is not finalized by the end of this year. The company said that the news may increase the risk that the owners of AvaTrade may exercise their right to trigger the termination of the merger agreement.

 

In October, the Central Bank of Ireland (CBI) opposed Platech’s acquisition of AvaTrade and triggered a termination right for the sellers of the broker. It entered in July in a $105 million agreement to acquire Ava Trade through its subsidiary TradeFX, which it acquired earlier this year.

 

Playtech said it nevertheless intends to continue to appeal the CBI's decision to oppose its application to acquire Ava Trade.

 

The company added it will not incur any financial penalties other than forfeiting the previously announced $5 million non-refundable deposit already paid by Playtech on the signing of the acquisition.

 

The gambling software developer also owns two other brokers - Markets.com and TopOption.

 

Ava Trade, headquartered in Dublin, has regional offices and sales centers in Paris, Dublin, Milan, Tokyo and Sydney.

 

TAGS: playtech  avatrade  acquisition  plus500 

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