AvaTrade Denies Selling Business to Teddy Sagi's Playtech

Teddy Sagi’s bid for forex brokerage AvaTrade has not been concluded as suggested in a media report by Reuters yesterday

Teddy Sagi’s attempt to acquire forex brokerage AvaTrade via publicly traded Playtech has not been materialized as suggested in a media report by Reuters yesterday. The companies have been holding preliminary talks as Playtech has expressed interest in AvaTrade’s business, but contrary to the reports, the gaming company did not hold an option to purchase a stake in it.

According to data from the Finance Magnates Quarterly report, AvaTrade reported its trading volumes close to $40 billion a month, or on average $1.9 billion daily in the first quarter of 2015. Any prospective deal would build a solid base under the forex business of Playtech especially after it acquired TradeFX Group earlier this year.

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Playtech was listed on the London Stock Exchange Alternative Investments Market in 2006, and subsequently moved to the main market. Teddy Sagi’s share in the company is a little more than one third. The firm is providing a software solution for trading binary options and has recently expanded its business deeper into financial products by purchasing TradeFX Group, spearheaded by the brand Markets.com.

The acquisition has brought in a number of other labels under the umbrella of Playtech, which is considering several deal opportunities in order to strengthen its retail forex and binary options portfolio. Finance Magnates has reported on talks with IronFX, including a meeting at the broker’s headquarters in Cyprus.

The negotiations with AvaTrade are understood to be part of ongoing discussions, which have not resulted in a finalized deal so far. Finance Magnates will keep following the story and update our readers with any developments.

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