INFINOX is in advanced talks to acquire Admirals, according to information obtained by Finance Magnates. A representative of INFINOX confirmed that discussions regarding a potential acquisition are ongoing, but no transaction has yet been finalised.
The representative noted that it remains unclear how much of Admirals' business is being considered in the negotiations. Any completion would depend on the execution of definitive agreements, customary closing conditions and the receipt of all necessary regulatory approvals.
Admirals' Global Structure and Recent Divestments
According to Admirals' 2025 annual report, the group operated eight licensed entities globally, with regulatory permissions in Estonia, the United Kingdom, Cyprus, Jordan, Kenya and Seychelles. The group’s headquarters remains in Estonia.
Admirals is no longer onboarding clients under its Jordan and Kenya licences. Its owners are in the process of divesting their global presence and have been closing operations in several markets. PU Prime acquired Admirals' Australian business at the end of 2024.
In addition, Admirals sold its businesses in South Africa, Indonesia and Ireland to a non-related party. The broker group also closed down its licensed unit in Canada and surrendered its licence in the United Arab Emirates.
Financial Performance in 2025
Admirals reported a sharp decline in key performance indicators in 2025. The group’s net trading income fell 55 per cent year-on-year to EUR 17.4 million, down from EUR 38.4 million in 2024.
Active yearly clients decreased by 32 per cent, while the total value of trades executed on the platform fell 47 per cent to EUR 271 billion. Trade volumes also declined, with the number of executed trades dropping 34 per cent to 23 million in 2025.
Ownership and Strategic Context
At the end of 2025, Alexander Tsikhilov remained the majority shareholder of Admirals. He held over 27.37 per cent of the group directly and a further 49 per cent through DVF Group.
If completed, the prospective acquisition of Admirals would represent the second major acquisition by INFINOX. The company previously bought Nordic-focused Skilling last year, expanding its presence in the trading industry.
The ongoing talks between INFINOX and Admirals come at a time of strategic restructuring for Admirals, marked by asset disposals, licence surrenders and a significant downturn in trading activity and income.
