INFINOX is in advanced talks to acquire Admirals, Finance Magnates has learned. One of its representatives also officially confirmed that "discussions regarding a potential acquisition of Admirals are ongoing."
It remains unclear, however, how much of Admirals' business is at stake in the acquisition.
"No transaction has been finalised and, as with any transaction of this nature, completion would remain subject to the execution of definitive agreements, customary closing conditions and all necessary regulatory approvals," the INFINOX representative continued.
Finance Magnates also reached out to Admirals, but did not receive any response as of press time.
Admirals’ Business Is Spread Globally
According to Admirals’ 2025 annual report, the group had eight licensed entities globally. These are in Estonia, the United Kingdom, Cyprus, Jordan, Kenya, and Seychelles. The group's headquarters remains in Estonia.
It, however, is no longer onboarding clients under its Jordan and Kenya licenses.
Interestingly, Admirals' owners are divesting their global presence and also closing operations in some markets.
Finance Magnates earlier reported that PU Prime had acquired Admirals' Australian business at the end of 2024. The broker group also sold its businesses in South Africa, Indonesia, and Ireland to “a non-related party”, while closing down its licensed unit in Canada and surrendering its UAE licence.
It also operates a few other entities globally.
A sale to INFINOX might be part of this broader divestment drive.
Is Alexander Tsikhilov Going Out of the CFD Business?
At the end of 2025, Alexander Tsikhilov remained the majority shareholder of Admirals. He held over 27.37 per cent of the group directly and another 49 per cent through DVF Group. Dmitri Lauš also holds 17.6 per cent of the group through the company Laush.
The group's net trading income fell 55 per cent year-on-year to EUR 17.4 million in 2025, down from EUR 38.4 million in 2024. Active yearly clients dropped 32 per cent, while the total value of trades slid 47 per cent to EUR 271 billion. Trade volumes also declined, falling 34 per cent to 23 million executed trades over the year.
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Indices CFDs led the product mix, accounting for 46 per cent of gross trading income, up 1 percentage point year-on-year, followed by commodity CFDs at 27 per cent, a 2-point gain. Forex slipped 2 points to 23 per cent, largely due to the relative growth in commodities and indices. The remaining 4 per cent came from other products, including stocks and ETFs.
If completed, this would be the second major acquisition by INFINOX. The company bought Nordic-focused Skilling last year.
