Thomson Reuters to acquire forex trading portal FX Alliance for $625 mn
09 Jul 2012
Thomson Reuters Corp, the global news and information agency, today said that it will acquire forex trading portal FX Alliance Inc (FXall), for about $625 million.
The Manhattan, New York-based company will pay $22 per share in cash, a premium of about 40 per cent over FXall's Friday closing price of $15.70 on the New York Stock Exchange.
Technology Crossover Ventures, FXall's largest shareholder, Phil Weisberg, chairman and chief executive officer and John Cooley, chief financial officer, who collectively own approximately 32.5 per cent of FXall, have each agreed to tender their shares into the offer.
FXall is a leading independent global provider of electronic foreign exchange trading solutions to corporations and asset managers, and has over 1,000 institutional clients worldwide.
Its trading and workflow processes are used globally by over 1,300 institutional clients including asset managers, corporations, banks, broker-dealers and hedge funds.
FXall has offices in New York, Boston, Washington, London, Zurich, Hong Kong, Tokyo, Singapore, Sydney and Mumbai.