IFX Payments walks away from £3m Argentex acquisition

(Sharecast News) - Argentex said on Thursday that its acquisition by payments provider IFX Payments has been terminated after the currency management services firm entered into administration last month.

Argentex announced in April that it had agreed to be bought by IFX in a £3m deal.

However, IFX said on Thursday that it has walked away from the deal, having received regulatory approval to invoke insolvency conditions.

Argentex announced in July that it had entered into administration after it failed to secure additional funding, leaving it unable to operate within the regulatory obligations of the Voluntary Requirement agreed in June with the Financial Conduct Authority.