CySEC approves Playtech Plus500 acquisition


21 September, AtoZForex.com, Lagos – Playtech has been in the news lately for several high profile acquisitions, ranging from Ava Trade to markets.com. On top of these acquisitions, Playtech also added the globally active Plus500 to its string of FX broker.

From recent news, it has been made clear that the acquisition procedure is still ongoing, facing some new obstacles, as the necessary regulatory permissions have not been fully granted. Explanatory, both the Cyprus securities and exchange commission and UK’s Financial conduct authority had to approve the deal in their various jurisdictions. So far, while CySEC has approved Playtech Plus500 acquisition deal UK’s FCA is taking its time to appraise the deal properly due to the nature of the deal.

No regulatory hurdles foreseen 

Even though it’s expected to take longer to finalize the deal, the hurdle is not expected to pose any major issue to the deal. At the moment the acquisition is anticipated to be concluded before the end of November. PlayTech’s board of directors have stated that: “no regulatory hurdles are foreseen for completion of the acquisition of Plus500.” Aside the Plus500 deal, the AVA Trade deal is expected to be concluded as early as in October, which is close to the company’s initial expectations.

Management restructuring

As the processing of Playtech Plus500 acquisition is on, some major restructuring is already going down as Plus500 UK has already replaced the current Plus500 UK CEO Yair Lavi with former Alpari executive Mark Winton.

Starting as the new CEO of Plus500 UK is Mark Winton, a seasoned corporate governance and compliance professional who has most recently been the Global Head of Compliance at Alpari UK Ltd. Moreover, Winton has also worked, primarily in senior risk management and compliance roles, at London Capital Group Holdings Plc, Astaire Securities, Goodman UK Limited, Brown Shipley & Co Limited and Thomsons Wealth Management Ltd.

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