At the beginning of 2022, Glitnor Group, a leading online gambling operator and content provider that strives to be the fastest-growing group in iGaming, announced its plans to acquire KaFe Rocks Group, a leading iGaming affiliate. However, Glitnor has now changed its mind, opting to not complete the transaction.
Glitnor Group and KaFe Rocks Agreed to Not Complete the Agreement
Glitnor Group has stepped back from the KaFe Rocks acquisition deal it struck in February. The deal was originally supposed to help the gambling giant enter the online gambling lead generation space and help it grow its business. Yet, it seems like both companies have other plans and will readjust their strategies, at least for now.
Glitnor and KaFe Rocks emphasized that the decision to call off the deal was mutual and agreed on in a friendly manner by all parties involved. The operator attributed the reason for this decision to the uncertain macroeconomic conditions caused by the aftermath of COVID-19 and the ongoing conflict in Ukraine. The company said that KaFe Rocks agreed that this is not the right time to finalize the acquisition.
While the transaction has been put on hold for the time being, Glitnor Group will continue to be one of KaFe Rocks’ biggest shareholders and maintain a “close, professional and friendly relationship” with KaFe Rocks Group. At the same time, KaFe Rocks and the Time2Play brand will continue to be managed by KaFe Rocks’ founding members and leaders, who will focus on growth and development.
The Decision Wasn’t Influenced by Pilkington’s Leave
On a separate note, both Glitnor and KaFe Rocks stressed that the current decision has nothing to do with Simon Pilkington’s resignation as KaFe Rocks’ chief executive officer. The CEO’s departure from KaFe Rocks was announced this month, following five years of “incredible achievements.” He will vacate his position by the end of the year.
Pilkington played a major role in shaping KaFe Rocks into the brand it is today and was instrumental in helping it grow and evolve. According to the company, his contributions are now an integral part of the KaFe Rocks philosophy.
As I look back and reflect on my time here [in KaFe Rocks], it’s clear to me that this passion and love is as strong now as it ever was, and I will remain the biggest supporter and cheerleader of the company from the outside.
Pilkington addressed the current development as he also wanted to emphasize that his decision to step down was in no way related to the called-off deal.
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