Playtech announced in a regulatory filing that it has won an appeal against a decision by the Central Bank of Ireland (CBI), with which the institution opposed its attempt to acquire broker Ava Trade in October.
According to Playtech, the decision-making process that led to the CBI’s opposition was erroneous. The CBI announced its opposition to the acquisition without providing motives in early October, prompting Playtech to take action.
The gaming giant needed the approval of the CBI for the acquisition because Ava Trade is among the few retail forex brokers regulated by their national watchdog, as the majority choose Cyprus and the UK as jurisdictions of authorization.
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The appeal was launched by Playtech after approval from the Irish Financial Services Appeals Tribunal and the matter has now been returned to the CBI for reconsideration.
However, this will not lead to anything, since Ava Trade rejected Playtech’s bid on November 23, following which the gaming company’s application with the CBI was withdrawn.
Playtech first announced plans to acquire Ava Trade for $105 million in May this year, but the Irish company’s shareholders stopped the deal last month.