Playtech issues update on Plus500 and Ava Trade acquisitions
Playtech has moved to update the market on the progress of its acquisitions of both Plus 500 and Ava Trade.
The gaming software and services supplier announced in June that it had struck a deal to acquire Israeli spread betting company Plus500 before revealing in July that it had also agreed to acquire online trading platform Ava Trade.
In a statement addressing the progress of the acquisitions, Playtech said both deals should be completed within the next few months, citing the “high profile” of the Plus500 agreement as the reason behind a delay in proceedings.
“Due to the high profile nature of Playtech's acquisition of Plus500, receipt of all regulatory approvals is taking longer than the boards of Playtech and Plus500 had originally anticipated but still within the relevant regulatory and statutory timetables,” Playtech said.
“Playtech already holds a number of licences from financial regulatory bodies and the board of Playtech is currently not aware of any issues which would give rise to the required regulatory approvals not being granted in due course, having already obtained the approval of the Cyprus Securities and Exchange Commission.”
Playtech added that statutorily required regulatory assessment of the proposed acquisition should be completed by the end of November, but is hopeful for an October 2015 completion.
Regarding the Ava Trade deal, Playtech said it hopes to complete the acquisition before the end of the month or in early October, which would place it in line with its original timeline.