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FXCM to sell DailyFX to IG for S$40mln

Friday, September 30, 2016 8:17
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(Before It's News)

US retail stockbroking group FXCM Inc (NASDAQ:FXCM) has stuck a US$40mln deal to sell DailyFX to CFD and spreadbetting group IG Group.

IG acquires the entire business of the news and research website including all international and domestic web domains, source code and content.

The 34 DailyFX employees currently working on the domains will also transfer to IG as part of the transaction. FXCM will continue to advertise to US and Canadian residents on the English version of the DailyFX website.

IG is paying US$35mln in cash, with the other US$4mln tied to certain migration requirements.

It comes as FXCM works to repay debt to Leucadia. The US company said it will have paid US$157mln following the DailyFX sale, leaving it with US$135mln outstanding.

Drew Niv, FXCM chief executive, said: “While DailyFX is a high quality asset and was not a targeted asset to sell, the opportunity came along and it was something we felt we should take advantage of.

“At this time, we do not plan on selling any other retail FX assets and believe the remaining assets held for sale satisfy the remaining debt outstanding to Leucadia.”

On Nasdaq, FXCM shares gained 1.4% to change hands at US$8.73 each, giving it a market capitalisation of US$47.47mln.

Leucadia bailed out FXCM in early 2015 following the forex volatility sparked by the changes to the Swiss  franc.

Story by ProactiveInvestors

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