Playtech has given up its planned £460 million acquisition of online contracts broker Plus500, the company announced.
Agreed in June, the acquisition of London listed Plus500 has met several regulatory delays. Last Wednesday the UK Financial Conduct Authority detailed to Playtech that due to “certain concerns raised” it would have push back its assessment of Plus500 to December.
The further FCA delay would jeopardise the acquisition which had prior terms that if not concluded by December 31 it may be terminated by Plus500.
“The Company has discussed with Plus500 the consequences of the recent developments with the FCA and has agreed to the termination of the merger agreement. Accordingly, the acquisition of Plus500 will not be proceeding as planned,” Playtech said in a statement.