Glitnor Group and KaFe Rocks call off acquisition

Glitnor Group and KaFe Rocks have mutually agreed not to complete the transaction which would have seen Glitnor acquire all of the Malta-headquartered affiliate’s assets.

The acquisition, first announced in February, would have seen Glitnor, which is also based in Malta, enter the affiliate market for the first time.

Glitnor operates B2C brands including Lucky Casino and Gambola, as well as B2B casino content supplier Swintt.

KaFe Rocks, which was established in 2018 with a remote-working mindset, employs around 170 people and operates in more than 10 markets across the world.

However, the two companies have “mutually and amicably” agreed not to complete the deal, citing fears over the darkening macroeconomic environment as the main reason behind the decision.

In a joint statement, Glitnor and KaFe Rocks said: “After much deliberation, and given market conditions, Glitnor Group and KaFe Rocks Group have agreed that now is not the time to fully complete the acquisition.

“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,” the statement added.

Glitnor confirmed it would remain as a significant shareholder in KaFe Rocks and continue to maintain its close relationship with the Malta-based firm.

Additionally, both companies moved to stress the decision to call off the transaction was not influenced by KaFe Rocks CEO Simon Pilkington announcing his resignation earlier this month.

In an open letter to staff, Pilkington confirmed he would be leaving the affiliate on 31 December after spending almost five years with the firm.

Prior to his resignation and the cancelling of the transaction, Pilkington would have been added to the Glitnor executive management team, while KaFe Rocks co-founder Feda Mecan was set to join the Glitnor board.