SBC News Voice of the Sports Betting Industry
Playtech governance has revealed that the Central Bank of Ireland (CBI) has opposed its acquisition of currency trading platform and Ava Trade.
The CIB’s opposition comes having been granted approval of its $105 million (£65 million) from the Financial Services Commission in the British Virgin Islands.
Playtech governance issued the following short statement regarding the matter
“Late on October 2, the company received a letter from the CBI opposing the proposed acquisition of Ava Trade,”
“Having taken legal advice and having regard to the circumstances at hand, the company will be seeking clarification from the CBI today (Monday) 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 Ava Trade acquisition had been announced on 2 July, as Playtech aims to expand its services and product range for the financial trading market.
In 2015, the London FTSE listed gambling technology firm has announced three financial services acquisitions; FX Platform TradeFX for €208 million (April), binary/currency trader Ava Trade (July) and equity/stocks and commodities platform Plus500 for £460 million (July).
Playtech has met further delays in its acquisition of Plus500 due to regulatory assessments. Last month the firm issued a statement outlining that it expected its takeover of Ava Trade to be completed by October.
It is unknown whether the Playtech governance will revise its schedule
