UK gambling software provider Playtech said on Friday it had stopped pursuing talks with Caliente Interactive for the Mexican sports betting firm’s unit Caliplay to list publicly in the United States via a SPAC deal, citing weak capital market conditions.

Playtech currently receives a fee for the software and services it provides to Caliplay and has an option agreement with parent Caliente to buy 49% of the unit plus a right to buy new shares in the new vehicle, should Caliplay be bought out.

London-listed Playtech said it was exploring other alternatives.

“Both parties (Playtech and Caliente) also continue to have discussion with the SPAC (special purpose acquisition company) and its associates regarding this alternative opportunity,” Playtech said.