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When first agreed, the merger was set to form a combined entity worth $10.4b, reflecting an implied enterprise value for eToro of about $9.6b. However, the closing conditions agreed upon when the merger was proposed in March last year have not been met, the companies said, rendering the transaction impractical.
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"While this may not be the outcome that we hoped for when we started this process, eToro’s underlying business remains healthy, our balance sheet is strong and will continue to balance future growth with profitability," eToro CEO Yoni Assia said in the statement.
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