Playtech’s purchase of CFD provider Ava Trade has run into difficulties after the Central Bank of Ireland's (CBI) announced its opposition to the acquisition.
With its proposed acquisition of Plus500 unlikely to be completed until November as it looks to secure regulatory approval for the deal, the solutions giant said that it had received a letter from the CBI late on Friday that the bank was against the proposed $105m acquisition of Ava Trade.
Playtech said that having taken legal advice and with regards to the current circumstances, it will seek clarification from the CBI over the issues raised in the letter
It will now look to engage with the bank to discuss these concerns, believing that it can address them in a satisfactory manner.
The purchase was agreed in July this year, with Playtech exercising an option to buy Ava Trade that it had acquired through the Plus500 deal, which Playtech admitted may not be completed until November as it looks to secure the necessary regulatory approvals.
However Playtech remains hopeful that it may be able to finalise the deal on schedule in October, having already had it approved by the Cyprus Securities Exchange Commission.
The Ava Trade deal has already been approved by the Financial Services Commission in the British Virgin Islands.