Thomson Reuters is top buy the electronic foreign exchange platform FX Alliance, commonly shortened to FXall, for US$625m.
The cash deal is due to complete in Q3 this year after the signing of the definitive agreement, which lays out the schedule for the planned takeover and outlines the US$22 per share that the NYSE-listed FXall will get, a significant premium on its present list price of just below US$16.
The trading and routing functionality on FXall are used by asset managers, corporations, banks, broker-dealers and hedge funds, numbering in excess of 1,300 market participants.
According to Thomson Reuters the takeover brings together complementary customer bases and extra liquidity for users, Abel Clark, the marketplaces managing director at Thomson Reuters, said: "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."
By Neil Ainger