NAGA and Merger Receives Regulatory Greenlight

NAGA Group (XETRA: NG4) and have officially received regulatory approval for their merger, according to an announcement made on Tuesday. The merger, which was first announced in December 2023, has now cleared all necessary regulatory hurdles and is expected to be completed by the end of August 2024. The merger between NAGA and, both operated by Key Way Group, is seen as a strategic move that will leverage the expertise and market reach of both brokerage brands. The companies have set ambitious goals, aiming to generate $250 million in revenue over the next three years and add over 5 million registered users by 2025/26. As part of the merger deal, the founder and CEO of, Octavian Patrascu, has been appointed as the Group CEO of the merged entity. Patrascu also injected $9 million into NAGA through a convertible bond, making him the company’s largest shareholder. Meanwhile, NAGA reported a decline in revenue and increased losses for 2023, leading to cost-saving measures such as staff reduction.