INFINOX in Advanced Talks to Buy Admirals

INFINOX has confirmed it is in advanced talks to acquire a partial or full ownership stake in Admirals, the Estonian-headquartered retail forex and CFDs broker. A spokesperson for INFINOX said "Discussions regarding a potential acquisition of Admirals are ongoing," while cautioning that no transaction has been finalised.

"Completion would remain subject to the execution of definitive agreements, customary closing conditions and all necessary regulatory approvals," the representative said. The potential size of the stake, or how much of Admirals' business would be involved, has not been disclosed. Admirals did not respond to requests for comment.

Part of a Broader Divestment

According to Admirals' 2025 annual report, the group operates eight licensed entities in Estonia, the UK, Cyprus, Jordan, Kenya and Seychelles, with its headquarters in Estonia. It is no longer onboarding clients under its Jordan and Kenya licences. The group has been trimming its global footprint: PU Prime acquired its Australian business at the end of 2024, and Admirals has sold operations in South Africa, Indonesia and Ireland to a non-related party, closed its licensed Canadian unit and surrendered its UAE licence.

Alexander Tsikhilov remained Admirals' majority shareholder at the end of 2025, holding over 27.37% of the group directly and another 49% through DVF Group. Dmitri Lauš holds a 17.6% stake through Laush.

The company's trading performance weakened last year. Net trading income fell 55% year-on-year to EUR 17.4 million in 2025, down from EUR 38.4 million. Active yearly clients dropped 32%, the total value of client trades slid 47% to EUR 271 billion, and executed trades declined 34% to 23 million.

Indices CFDs remained the largest product category, contributing 46% of gross trading income, up one percentage point. Commodity CFDs rose two points to 27%, while forex slipped two points to 23% and other products, including stocks and ETFs, accounted for 4%. If completed, the deal would be INFINOX's second major acquisition, following its purchase of Nordic-focused broker Skilling last year.