Exclusive: INFINOX Is in ‘Advanced Talks’ to Buy Admirals

§ 01 Executive Snapshot

• What: INFINOX is in advanced talks to acquire Admirals.
• Who: INFINOX, Admirals, Alexander Tsikhilov (majority shareholder of Admirals).
• Why it matters: This acquisition could reshape the competitive landscape in the trading sector amid Admirals' ongoing divestment of its global operations.

§ 02 Key Developments

• INFINOX is in advanced discussions regarding the potential acquisition of Admirals, with no final transaction confirmed yet.
• Admirals has eight licensed entities globally, but is no longer onboarding clients under its Jordan and Kenya licenses.
• Admirals' net trading income fell 55% year-on-year to EUR 17.4 million in 2025, down from EUR 38.4 million in 2024.

§ 03 Strategic Context

• The potential acquisition is part of a broader divestment strategy by Admirals, which has seen it sell off several businesses and close operations in various markets.
• INFINOX's possible acquisition of Admirals follows its previous acquisition of Skilling, indicating a trend of consolidation in the trading sector.

§ 04 Strategic Implications

• If completed, this acquisition could strengthen INFINOX's market position and expand its global footprint in the trading industry.
• Long-term implications might include increased operational efficiencies and a potential recovery in Admirals' performance following restructuring under INFINOX.

§ 05 Risks & Constraints

• Regulatory approvals and customary closing conditions are necessary before the acquisition can be finalized, which could pose delays or complications.
• Admirals' declining financial performance raises concerns about the viability of the acquisition and the future profitability of the combined entity.

§ 06 Watchlist / Forward Signals

• Key milestones to watch include the finalization of definitive agreements and the regulatory approval process for the acquisition.
• Future developments in Admirals' operational strategy and financial performance will signal the success or challenges following the acquisition attempt.