Online gambling technology provider Playtech is finally closing the Ava Trade acquisition chapter, months after it announced plans to buy the contracts-for-difference broker.
Playtech announced on Tuesday that it is withdrawing its application to buy Ava Trade in light of the opposition from the Central Bank of Ireland. In a statement, Playtech said the Irish Financial Services Appeals Tribunal allowed—with CBI’s consent—the company to appeal against the central bank’s decision on grounds of error in the central bank’s decision-making process.
“However, although the application was referred back to the CBI for further consideration, as the proposed acquisition of Ava Trade was terminated by the sellers on 23 November 2015, Playtech has withdrawn its application, bringing this process to a conclusion,” the company said.
Playtech announced back in early October that would formally challenge the CBI after the regulator raised several objections to the deal.