Glitnor Group has announced that it will no longer be completing its acquisition of KaFe Rocks Group.
The two parties have “mutually and amicably decided not to complete the transaction” due to current market conditions, adding that Simon Pilkington’s recent departure as CEO of KaFe Rocks did not impact the decision.
Back in February, Glitnor Group announced that it would be acquiring KaFe Rocks Group as part of its long-term business growth strategy.
However, since the acquisition is no longer going ahead, KaFe Rocks and Time2play.com will remain 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”.
Alongside remaining a significant shareholder in the companies, Glitnor Group will continue to have a “close, professional and friendly relationship” with KaFe Rocks Group.
