Irish Central Bank Opposes Playtech Acquisition of Ava Trade

Sun, Oct 11, 2015

Playtech has been informed by the Irish Central Bank of its opposition to the company acquiring contracts-for-difference broker Ava Trade. Playtech says it will seek clarification from the Central Bank.

Playtech officials said they have received a letter from the Central Bank of Ireland stating that the bank opposes the company’s planned 5 million acquisition of contracts-for-difference broker Ava Trade.

Playtech officials want clarification from the bank and will seek to start discussions with the bank to address its concerns, officials said. The company did not disclose what issues the bank raised.

The deal for Ava Trade has already been approved by the Financial Services Commission of the British Virgin Islands.

Playtech is making a move into financial trading and is also spending £459.6m on a takeover of spread-betting company Plus500. Playtech also bought a majority interest in TradeFX for €208m in April.

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