July 31, 2020 - StoneX Group Inc. (formerly INTL FC Stone) has today announced the completion of its acquisition of GAIN Capital Holdings, Inc.
The acquisition was previously announced on 27th February this year, as an all cash transaction valuing GAIN at $6.00 per share, representing approximately $236 million in equity value. At the time of the announcement, it was also stated that as part of the transaction, Stonex would offer at completion of the deal to repurchase GAIN’s $92 million convertible notes due 2022. GAIN’s $60 million convertible notes due 2020 would be repaid from GAIN’s cash on hand prior to completion.
GAIN is a provider of innovative trading technology and execution services to retail and institutional investors worldwide, with multiple access points to OTC markets and global exchanges across a wide range of asset classes, including foreign exchange, commodities and global equities.
Glenn Stevens, CEO of GAIN, commented on the transaction, “As a result of this combination, GAIN’s customers will benefit from a richer product offering, as well as the expanded resources and greater scale of the combined firm. StoneX, in turn, will add a new digital platform to its global financial network, significantly expanding its offering to retail clients, as well as a complementary futures business. We look forward to a bright future as part of the StoneX Group.”
Sean O’Connor, CEO of StoneX, added, “This is the beginning of an exciting new era for our company as we add two of the largest and best known retail financial-services trading brands in the world to our global financial services network, in the process more than doubling the number of active retail accounts we serve to 295,000 worldwide. We expect the integration of GAIN’s businesses to drive transaction volumes and create new cross-selling opportunities across all of our platforms – ultimately driving our financial performance in the process.”
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