Playtech terminates $700 mln deal to buy Plus500

November 23, 2015 10:15

Gambling technology company Playtech Plc said it was terminating its agreement to buy retail forex trading company Plus500 Ltd as it was unlikely to obtain approval for the deal from UK's Financial Conduct Authority by December end.

Playtech, founded by Israeli billionaire Teddy Sagi, had agreed to buy Plus500 for about $700 million in June.The company said on Monday that following an update from the FCA on Friday, it was of the view that the steps being proposed to address certain concerns would not sufficiently satisfy the regulator to enable the company to obtain approval by Dec. 31.

Playtech said it would not incur any financial penalties with respect to the termination and that it had no immediate plans related to its existing 9.9 percent holding in Plus500.

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