News
Thomson Reuters to buy FX firm for $625 million
Monday 9 July 2012
Thomson Reuters said on Monday it plans to buy FX Alliance, a New York-based electronic foreign exchange platform, for about $625 million in cash. The deal will increase access to the investment community as the target company's customer base is predominantly on the buy side including asset managers, corporations and hedge funds.
“This combination will enable us to provide our customers with integrated management of trades though the entire lifecycle,” said Abel Clark, Thomson Reuters' managing director marketplaces.
Founded in 2000, FX Alliance has more than 1,000 institutional clients worldwide. It listed on the New York Stock Exchange in February at $12 per share. The recommended offer of $22 per share represents a premium of about 40 per cent over Friday's close of $15.70. ■
- SOURCE
- Reuters
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