Gambling software giant Playtech today announced that it has received a letter form Central Bank of Ireland (CBI) opposing the acquisition of Irish-based forex broker Ava Trade
. The unexpected hurdle might put in danger the more ambitious $700m acquisition of Plus500, waiting for regulatory approval from FCA UK.
Late on Friday 2 October 2015, FTSE 250 company received a letter from CBI opposing the proposed acquisition of Ava Trade. Having taken legal advice and having regard to the circumstances at hand, Playtech will be seeking clarification from the CBI today 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.
The software developer has already received approval for the Ava Trade acquisition from the Financial Services Commission in the British Virgin Islands.
In relation to the proposed acquisition of Plus500 Ltd, Playtech continues to work towards securing the one outstanding regulatory approval, having already received approval from the Cyprus Securities Exchange Commission.