Under the definitive agreement, slated to close in the third quarter, Thomson Reuters will pay $22 per share for Nyse-listed FXall, which closed at $15.70 a share on Friday.
The firm’s largest shareholder, Technology Crossover Ventures, its chairman and CEO, Phil Weisberg, and CFO John Cooley, who collectively own around 32.5% of its outstanding shares, have all agreed to sell up. FXall’s trading and workflow processes are used worldwide by over 1,300 institutional clients including asset managers, corporations, banks, broker-dealers and hedge funds.
Thomson Reuters says that the deal will bring together two leading companies in their respective segments of the forex marketplace who have complementary customer bases and long standing relationships with bank liquidity providers.
Abel Clark, MD, Marketplaces, Thomson Reuters. “This combination will enable us to provide our customers with integrated management of trades though the entire lifecycle, delivering the benefits of a more streamlined trading process and more efficient execution.”
Weisberg adds: “FXall will now have a bigger stage from which to drive greater innovation and growth, with access to Thomson Reuters global reach, standing in the FX community and focus on client solutions.”
Full story here and here on FXall website
Filed under: FX, MDP, Paul Blank |
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