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Ava Trade Cancels Playtech Purchase Bid After Plus500 Fiasco

Financial spread betting firm Ava Trade Ltd. has announced that it has terminated its acquisition by gambling giant Playtech in the wake of the company's aborted plans to purchase Plus500 this week.

It was thought that the abandoning of the deal was a very real possibility after Playtech said it could not meet the regulatory burdens put on to the purchase of Plus500. Playtech's purchase of Ava Trade was opposed by the Central Bank of Ireland, which was a major hurdle to the company's attempted purchase.

Because the deal was terminated, Playtech will have to pay a non-refundable $5 million deposit that was put up when the original purchase agreement was signed.