Regulatory assessments delays the acquiring of Plus500 by Playtech
Head from Playtech a software designer has made it clear on the issues that pertained the acquiring of two financial trading operators; Plus500 as well as Ava Trade. Via the media, Playtech management made it clear to those stakeholders who were worried about the future of the firm by claiming that it was on the due course of finalizing its deal in acquiring Ava Trade. This deal which is worth $105 million is expected to be done by the end of September or in early October.
Nonetheless, the provider of betting technology Playtech acknowledged that its next deal which involved the scooping of Plus500 assets with total amount of £460 million was faced by some delays with regulatory bodies asking for sometime before giving the deal a go ahead. The acquisition of this firm was scheduled to be completed lately by October but issues concerning regulatory assessment have made it to halt. Most likely, Playtech heads claimed that with this at hand, the deal may be done by November.
Dilemma had crippled in to Playtech shareholders on whether acquisition of Plus500 would ever come to being but Playtech assured them that the deal would be initiated immediately the regulatory bodies were fully satisfied with it. This has shown some fruits as the Cyprus Securities as well as Exchange Commission have given the firm a go ahead.
With attempt to maximize its profits and publicity just like other firms do, Playtech opted to expand its markets by acquiring several operators based in various parts of the globe. It’s very first accusation was reported by the London FTSE who claimed that the company has cashed out a total of €208 million in April 2015 in order to assimilate FX Platform TradeFX. Lately in July Playtech acquired Ava Trade and has its third acquisition Plus500 pending regulatory approval.
Of all its present acquisition, none has been stressing such as Plus500 with biggest investors in the firm Odey Asset posing heavy criticism claiming that it was weird how Playtech underestimated the price of Plus500.
UK FCA is the main reason why acquisition of Plus500 is still pending as it claims that Plus500 has failed to achieve the betting standards and hence would see its’ trading operations stopped.