Due to the high profile nature of the Plus500 acquisition, receipt of regulatory approvals is taking more time than initially anticipated, Playtech admitted.
Playtech says regulatory decisions on Plus500 deal take longer than expected
Playtech PLC (LON:PTEC), which in June tabled a £460 million acquisition bid for CFD broker Plus500 Ltd (LON:PLUS), today admitted that the regulatory process for approving the deal is taking more time than expected.
The company said that the high profile nature of Playtech’s acquisition of Plus500 is delaying the receipt of all necessary regulatory approvals. Still, the receipt fits within the relevant regulatory and statutory timetables.
The Board of Playtech is currently not aware of any issues which would prevent the award of the the required regulatory approvals. Moreover, the deal has already been approved by the Cyprus Securities and Exchange Commission (CySEC).
Playtech notes that the statutorily required regulatory assessment of the proposed acquisition should be completed by the end of November 2015. The company, however, remains hopeful for an October 2015 completion.
Playtech still expects the acquisition of Forex broker Ava Trade Ltd. to complete around the end of September or early October 2015, broadly in line with its original timetable.
To view the official filing with the LSE, click here.
David Hobart
David Hobart is Managing Director of FinAffiliates Limited, the UK media group behind LeapRate, AskTraders and a network of more than 30 financial and trading titles published across several languages and regulated markets. He writes on the commercial side of the industry: broker marketing, client acquisition, affiliate strategy and the editorial standards that hold it together. He is based in North Norfolk.
