INFINOX confirms ongoing talks to acquire Admirals, a deal that would extend its recent expansion through acquisitions.
INFINOX confirms ongoing talks to acquire Admirals, a deal that would extend its recent expansion through acquisitions.
INFINOX confirms advanced acquisition talks with Admirals as the broker continues divesting global operations amid declining trading revenue.
Key points:
INFINOX has entered advanced discussions to acquire Admirals. A representative of the firm officially confirmed that talks regarding a potential acquisition remain ongoing, though the structure of the deal has not yet become clear, leaving open the question of how much of Admirals’ business the transaction would actually cover.
According to the INFINOX representative, no transaction has been finalized at this stage. As is customary with deals of this nature, completion would depend on definitive agreements, standard closing conditions, and the necessary regulatory approvals across relevant jurisdictions. Admirals have not issued any public comment on the matter at the time of writing.
The 2025 annual report shows that the group operates eight licensed entities worldwide, spanning Estonia, the United Kingdom, Cyprus, Jordan, Kenya, and Seychelles, while keeping its headquarters in Estonia. Despite this geographic spread, the company has stopped onboarding new clients under its Jordan and Kenya licenses, signaling a gradual retreat from those markets.
This pullback fits into a broader pattern. Admirals’ owners have been divesting parts of the group’s global presence over the past year. PU Prime acquired Admirals’ Australian business at the end of 2024, and since then, Admirals has sold its operations in South Africa, Indonesia, and Ireland to an unrelated third party, closed its licensed unit in Canada, and surrendered its UAE license. Given this trajectory, a potential sale to INFINOX would likely represent the next step in this ongoing divestment strategy rather than an isolated transaction.
At the close of 2025, Alexander Tsikhilov remained Admirals’ majority shareholder, holding more than 27.37% of the group directly and an additional 49% through DVF Group. Dmitri Lauš holds a further 17.6% stake through his company, Laush.
Financially, the group has faced a difficult stretch. Net trading income dropped 55% year-on-year to EUR 17.4 million in 2025, down sharply from EUR 38.4 million in 2024. Active yearly clients fell 32% over the same period, while the total value of trades slid 47% to EUR 271 billion. Executed trade volumes followed a similar pattern, falling 34% to 23 million trades for the year.
In terms of product mix, indices CFDs led gross trading income at 46%, up one percentage point year-on-year, followed by commodity CFDs at 27%, a two-point gain. Forex slipped two points to 23%, largely due to relative growth in the other two categories, while stocks, ETFs, and other products made up the remaining 4%.
If the acquisition proceeds, it would mark INFINOX’s second major deal in recent memory, following its purchase of Nordic-focused broker Skilling last year. Taken together with Admirals’ ongoing retreat from multiple markets, the move would reinforce a broader trend of consolidation reshaping the retail CFD brokerage sector.
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