Treatment of [Pt(PCy(3))(2)] (Cy = cyclohexyl) with BI(3) afforded trans-[(Cy(3)P)(2)Pt(I)(BI(2))] by the oxidative addition of a B-I bond. The title compound represents the first diiodoboryl complex and was fully characterized by NMR spectroscopy and X-ray diffraction analysis. The latter revealed a very short Pt-B distance, thus indicating a pronounced pi contribution to this bond. By the addition of another 1 equiv of BI(3) to trans-[(Cy(3)P)(2)Pt(I)(BI(2))], a new Pt species [(Cy(3)P)(I(2)B)Pt(mu-I)](2) was formed with concomitant buildup of the phosphine borane adduct [Cy(3)P-BI(3)]. The former is obviously obtained by abstraction of PCy(3) from trans-[(Cy(3)P)(2)Pt(I)(BI(2))] and the subsequent dimerization of two remaining fragments. Interestingly, the dimerization is reversible, and the dinuclear compound can be converted to trans-[(Cy(3)P)(2)Pt(I)(BI(2))] upon the addition of PCy(3).