At the start of 2022, Glitnor Group, a leading online playing operator and content material company that strives to be the fastest-developing institution in iGaming, introduced its plans to collect Kafe Rocks Group, a leading iGaming affiliate. However, Glitnor has now modified its mind, opting to terminate the transaction.
Glitnor Group and Kafe Rocks Agreed Not to Complete the Agreement
Glitnor Group has reversed the acquisition agreement signed with Kafe Rocks in February. The deal was initially intended to help the gaming giant enter the online gaming lead generation space and grow its business. However, both companies have other plans and will readjust their strategies, at least for now. Glitnor and Kafe Rocks emphasized that the Decision to cancel the deal was made by consensus and by mutual consent of all parties involved. The trader attributed this Decision to uncertain macroeconomic conditions caused by the fallout from COVID-19 and the ongoing conflict in Ukraine.
The company said KaFe Rocks has agreed that this is not the right time to close the acquisition. While the transaction has been put on hold, Glitnor Group will remain one of KaFe Rocks’ most significant shareholders. It will maintain a “close, professional and friendly relationship” with the KaFe Rocks Group. At the same time, KaFe Rocks and the Time2Play brand will continue to be led by the founding members and executives of KaFe Rocks, who will focus on growth and development.
Pilkington’s Leave didn’t influence the Decision
On a separate note, Glitnor and KaFe Rocks emphasized that the current Decision has nothing to do with Simon Pilkington’s resignation as CEO of KaFe Rocks. The resignation of the CEO of KaFe Rocks was announced this month after five years of “incredible achievements.” He will vacate his position at the end of the year. Pilkington played an essential role in transforming KaFe Rocks into the brand it is today and has been instrumental in helping it grow and evolve. According to the company, their contributions are now an integral part of the KaFe Rocks philosophy.
As I look back and reflect on my time here [at Kafe Rocks], I realize that passion and love are now more vital than ever, and I will continue to be the company’s biggest outside supporter and cheerleader. Pilkington addressed the current development but also emphasized that his Decision to step down was unrelated to the canceled deal.
The two companies have mutually decided not to complete the transaction due to current market conditions. As a result, Kafe Rocks and the Time2play.com brand will continue to be led by its founding members and leadership team, with Glitnor remaining a significant shareholder in the company. Both companies were ready to indicate that the Decision to call off the acquisition was unrelated to KaFe Rocks’ Decision to part ways with CEO Simon Pilkington, which was announced earlier this month. The acquisition would have seen Glitnor expand into the iGaming affiliate space, complementing its existing B2C business, which includes online casino brands Lucky Casino and Happycasino, as well as Swintt’s B2B business.