Regulatory delays push back completion of Playtech’s Plus500 deal

The gaming solutions giant says that due to the high-profile nature of the acquisition, it is taking longer to receive all regulatory approvals than originally anticipated.

As a result, it remains hopeful that the deal can be completed in October, but said that it may take until November for the regulatory assessment of the proposed acquisition to be completed.

The deal to acquire Plus500 was agreed in June this year, with Playtech to pay £459.6m for the CFD provider.

It has been acquired as part of the supplier’s foray into financial trading, with Playtech alsoacquiring a 91 per cent stake in online CFDs and binary options broker TradeFX. Playtech then exercised an option held by Plus500 to acquire another CFD provider, AvaTrade, in July.

The AvaTrade acquisition is expected to be completed on schedule either around the end of September or early October.

Despite the delays in receiving the required approvals from regulators, Playtech does not believe that there are any issues that would stop the deal from being approved, with the Cyprus Securities and Exchange Commission already giving it the green light.

Shares in Playtech plc (Co.Data) (LSE:PTEC) have fallen 0.70 per cent to 851.50 pence per share in London this morning.