Admirals plans to restructure its group by merging its US holding company and US Admirals Group after revoking Admiral Markets US license in Estonia.
To meet basic needs and options to expand its presence globally, a leading global retail multi-asset broker headquartered in Estonia, Admirals, announced plans to restructure its group by merging parent entities Admiral Markets AS and Admirals Group US. Completion of the merger will be set for the first half of 2024.
Admirals noted great opportunities from the restructuring to continue its geographic expansion in new areas over the past few years. Admirals Group USA is physically present through subsidiaries in 18 countries and serves customers in more than 145 countries. In response to this consideration, Admirals will also revoke the operating license of its Estonian subsidiary, expected to occur in the second half of this year, possibly in August 2023.
Despite the restructuring plans, Admirals remains headquartered in Tallinn, Estonia, and employs over 100 people. Additionally, MoneyZen, a proprietary lending platform regulated by the Estonian Monetary Authority, is increasing its presence in the country.
As a result of this development, any remaining rights and obligations of the Notes having not been repurchased by Admirals under the current offering will be transferred to Admirals Group USA. Admirals Group AS was responsible for paying these bonds during the merger and will continue to operate subject to the maturity terms of the bonds.
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