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.
The deal is the latest agreed by ESA Gaming, with the company enjoying recent global growth and expansion in key markets such as Africa and Italy
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He will help support the handover to Platform & Sportsbook CEO Richard Carter and provide ongoing support to the board of directors until the year end
The agreement will see a number of next-generation sports betting games made available to operators via iGaming Deck powered by iGP