Playtech to challenge opposition to Ava Trade deal
Supplier giant unable to address issues raised by the Central Bank of Ireland which reaffirms its opposition to the takeover
Playtech will formally challenge the Central Bank of Ireland’s (CBI) decision to oppose its $105m acquisition of CFD broker Ava Trade.
The decision comes after Playtech revealed it had received a letter from the CBI detailing its opposition to the deal and yesterday engaged the bank “in order to discuss certain issues raised”.
But in an update to the market this morning, Playtech said the CBI had reverted to its Irish legal advisors and clarified its position.
“Following this communication and having taken advice, the company intends to formally challenge the decision,” Playtech said in a statement.
The deal, which was announced in July, is subject to regulatory approval and with Ava Trade headquartered in Dublin, the takeover must receive the green light from the CBI before being completed.
The news comes just weeks after Playtech’s acquisition of CFD trading company Plus500 suffered a minor setback with the receipt of all necessary regulatory approvals taking longer than expected.
At the time Playtech said its Ava Trade acquisition was still on track to complete in the early part of this month, with that date now looking to be pushed back.
And while Playtech did not provide any details on when the deal would now complete, the firm said an update would be provided in due course.