Following communication with the Central Bank of Ireland, which has opposed the proposed acquisition of FX broker AvaTrade by Playtech, the company will be formally contesting the regulatory objections.
Playtech to formally challenge Central Bank of Ireland’s decision on AvaTrade deal
Playtech PLC (LON:PTEC) has this morning published another update regarding the proposed $105 million acquisition of Forex broker AvaTrade.
The update comes after yesterday’s announcement that the Central Bank of Ireland (CBI) is opposing the deal, meaning that the acquisition cannot be completed as planned – that is, at the end of September or early October 2015.
Playtech said today that the CBI has contacted its Irish legal advisers and clarified its position.
Following this communication and having taken legal advice, the company intends to formally challenge the decision.
Meanwhile, Playtech still awaits that one regulatory approval that will clear the way for the completion of the acquisition of another CFD broker – Plus500 Ltd (LON:PLUS). The proposed acquisition has already received the regulatory nod of approval of the Cypriot watchdog.
To view the latest update from Playtech regarding the AvaTrade acquisition, 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.
