October 6, 2015 / 6:28 AM / 2 years ago

Playtech to challenge Irish central bank decision on Ava Trade deal

(Reuters) - Gaming technology company Playtech Plc said it intended to challenge a Central Bank of Ireland (CBI) decision opposing its $105-million acquisition of Ava Trade.

Playtech, founded by Israeli billionaire Teddy Sagi, said CBI had reverted to company’s Irish legal advisers and clarified its position.

The company had said on Monday that it would try to discuss certain issues raised by the bank, which it believed could be addressed to CBI’s satisfaction. Playtech, however, did not say what the issues were.

Playtech, which counts Betfair Group Plc, William Hill Plc and Paddy Power Plc as its licensees, agreed to buy online derivatives broker Ava Trade in July to strengthen its position in the forex trading market.

Isle of Man-based Playtech is still awaiting regulatory approval for its acquisition of forex trading platform owner Plus500 that it had agreed to buy for 460 million pounds in June.

Both the AVA Trade and Plus500 deals had been expected to be completed by the end of September.

Shares in Playtech were trading marginally lower at 804.5 pence in early trading on the London Stock Exchange.

Reporting by Aastha Agnihotri in Bengaluru; Editing by Anupama Dwivedi

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