Glitnor Group announced on Tuesday that together with KaFe Rocks Group, the companies have “mutually and amicable decided not to complete the transaction with respect to the acquisition between the two groups”.
The proposed acquisition was first announced in February of this year.
In a statement, it was said that both companies, after much deliberation, agreed to call off the acquisition, “given market conditions”, in reference to global economic downturn.
Indeed, reports indicate that investors are reacting cautiously to macroeconomic uncertainty.
As such, KaFe Rocks and the Time2play.com brand will continue to be managed by its founding members and leadership team on a day-to-day basis as they continue to focus on the growth and development of the business.
Glitnor Group, will remain as a significant shareholder in the companies and will continue to have a close, professional and friendly relationship with KaFe Rocks Group.
Both parties stressed that the recent decision for KaFe Rocks and its CEO, Simon Pilkington, to part ways, has no relation to this news.
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Carmelo Romano, the former CTO, has transitioned to a consultative role within the company