Sponsored By
de | cn | ru

Brokers News

AvaTrade breaks acquisition by Playtech after Plus500 deal gets called off

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 

More news about AvaTrade

Broker Country Regulation Platform Min Deposit Review
Cyprus CySec, FCA MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa CySec, FSCA, FSC MT4, Web $5 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

More Forex Brokers News

HFcopy: Hot Forex's copy-trading offer

Jun 14 2018 12:49:55

HFcopy, the copy-trading system offered by CySEC-regulated, global broker Hot Forex, is a great tool which allows traders to join forces with each other and squeeze profits from the markets. Read more

FxPro UK turns a £1.48 mln profit in 2017

Jun 12 2018 13:27:04

  The UK arm of global forex broker FxPro has turned a profit of £1.48 million in 2017, shows the full accounts report filed with UK’s Companies House on Monday. The figure represents an increase of more than 38% over previous year, when the broker made £1. Read more

FxPro becomes a sponsor of Formula 1 racing team McLaren

May 25 2018 11:48:28

  Major forex broker FxPro announced yet another sponsorship agreement on Thursday. The brokerage signed a multi-year partnership agreement with McLaren, one of the oldest Formula 1 teams. Read more

OANDA bought out by CVC Capital Partners

May 03 2018 07:26:57

The forex broker OANDA will come under new ownership as shareholders accepted an offer for from a wholly-owned subsidiary of CVC Capital Partners (CVC) Asia Fund IV to acquire all of the outstanding equity. The deal is pending regulatory approval. Read more

ASIC temporarily suspends the license of Direct FX

Apr 26 2018 14:01:25

  Australia’s regulator, the Australian Securities & Investment Commission (ASIC) has temporarily suspended the license of the forex broker Direct FX. According to the Commission’s statement on its website, the reason for the measure is that Direct FX Trading Pty Ltd. Read more

FXTM launches MT5 trading for Pro account holders

Apr 11 2018 10:02:35

  Global forex broker FXTM announced that trading on MetaTrader 5 (MT5) is now also available for Pro account holders. Previously, only its clients with regular ECN accounts had this opportunity. Read more

FBS's client base reaches 7 million

Apr 02 2018 12:51:01

  Leading Forex and CFD broker FBS reported that the total number of its clients reached 7 000 000 on 21st of March, 2018. The anniversary client, Mr. Abdelrashed Eldamerdash Hamed Elsayed from Egypt, got a special gift from the broker. Read more

FBS adds DAX30 to its CFD lineup

Apr 02 2018 12:23:24

  Forex and CFD broker FBS launched trading in one of the most important indices, the German DAX 30 last month. This is a blue chip stock market index, which represents Germany’s 30 largest and most liquid companies on the Frankfurt Exchange - BMW, Adidas, Siemens, etc. Read more

Dukascopy launches live trading on BTC/USD

Mar 26 2018 13:52:57

Dukascopy Bank, which also owns a brokerage of the same name, announced it is launching live trading on CFDs on the BTC/USD pair, with a leverage of up to 1:3.   The clients will be able to trade on both rising and falling markets – same as Forex trading and have hedging possibilities. Read more

Bittrex delists 82 altcoins from platform

Mar 21 2018 15:01:42

Bittrex, a major US-based crypto- and altcoin trading platform, announced it is delisting 82 altcoins from its platform by the end of March. Read more

de | cn | ru