In February Glitnor announced it had reached an agreement to acquire KaFe Rocks, but the two groups have now “mutually and amicably” decided not to complete the transaction.
Glitnor said given market conditions, it agreed with KaFe Rocks that “now is not the time to fully complete the acquisition”.
As a result, KaFe Rocks and the Time2play.com brand will continue to be managed by KaFe Rocks’ founding members and leadership team on a day-to-day basis. Glitnor will remain a significant shareholder and continue to have a close, professional and friendly relationship with KaFe Rocks.
Glitnor and KaFe Rocks added that the decision to cancel the acquisition was not related to the recent announcement that Simon Pilkington is to step down as chief executive of KaFe Rocks.
Earlier this month, it was confirmed that Pilkington would exit his role at the end of the year. He has led the business since February 2020, prior to which he was its vice-president of English markets and before that as head of English language markets.
Writing in a letter to staff at the time, Pilkington also said that his decision to leave was not linked to the now-abandoned acquisition.
“I want everyone to know that this decision to part ways is something very separate and I truly believe in the changes that we’ve made acting as the catalyst for long-term future success and growth,” Pilkington said.