Playtech has announced that the Central Bank of Ireland has written to the company to outline its opposition in relation to the proposed acquisition of Ava Trade. In July 2015 Playtech confirmed that its TradeFX subsidiary has struck a deal to acquire Ava Trade for a fee of about $105 million.
The announcement came after a report suggesting that Playtech was considering to acquire Ava Trade after also purchasing TradeFX in May.
Despite the last month's update outlining tat the Ava Trad deal would be completed before the of 2015, Playtech has now confirmed that the Central Bank of Ireland has provided them with an opposition to the proposed acquisition.
The opposition comes despite the fact that Playtech receive an approval from the Financial Services Commission in the British Virgin Islands.
“Late on October 2, the company received a letter from the CBI opposing the proposed acquisition of Ava Trade,” said Playtech in a statement.
“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.”
Playtech notes that the situation of acquisition of Plus500 remains unchanged and that the deal is due to be completed within the next few months.
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