FXCM Closes on Sale of DailyFX
October 31 2016 - 02:00AM
FXCM Inc. (NASDAQ:FXCM) ("FXCM"), a leading online
provider of foreign exchange (FX) trading and related services,
today announced that FXCM has closed on its sale
of DailyFX to IG Group ("IG"), a global leader in online
trading, for a price of $40 million.
Cash of $36 million was paid to FXCM on closing, with an
additional $4 million to be paid on completion of certain migration
requirements.
FXCM’s proceeds from the sale were used to repay debt owed to
Leucadia. FXCM has made loan repayments of $154 million to
Leucadia with $156 million outstanding. After the additional
$4 million is received, FXCM will have repaid more than half the
debt.
"With the close of this deal we have made another positive step
towards completing our goal of eliminating the Leucadia debt
through the sale of non-core assets and cash generated through
operations," said Drew Niv, CEO of FXCM.
Quayle Munro served FXCM as advisors on the deal.
About Us FXCM
Inc. (NASDAQ:FXCM) is a publicly traded
company which owns 50.1% of FXCM Group, LLC (FXCM Group).
FXCM Group is a holding company of Forex Capital Markets
LLC, (FXCM US), Forex Capital Markets Limited, inclusive of all EU
branches (FXCM UK), FXCM Australia Pty. Limited, (FXCM AU), and all
affiliates of aforementioned firms, or other firms under the FXCM
group of companies (collectively "FXCM"). FXCM Group is owned and
operated by FXCM Inc. (NASDAQ:FXCM) and Leucadia National
Corporation (NYSE:LUK). Leucadia National Corporation is a
multi-billion dollar diversified holding company engaged through
its consolidated subsidiaries in a variety of businesses.
FXCM is a leading provider of online
foreign exchange (FX) trading, CFD trading, spread betting and
related services. The company's mission is to provide global
traders with access to the world's largest and most liquid market
by offering innovative trading tools, hiring excellent trading
educators, meeting strict financial standards and striving for the
best online trading experience in the market. Clients have the
advantage of mobile trading, one-click order execution and trading
from real-time charts. In addition, FXCM offers educational courses
on FX trading and provides trading tools proprietary data and
premium resources. FXCM Pro provides retail brokers,
small hedge funds and emerging market banks access to wholesale
execution and liquidity, while providing high and medium frequency
funds access to prime brokerage services via FXCM Prime. Trading
foreign exchange and CFDs on margin carries a high level of risk,
which may result in losses that could exceed your deposits,
therefore may not be suitable for all investors. Read full
disclaimer.
About Quayle Munro Quayle Munro is an
independent mergers and acquisitions advisory firm that has an
extensive, global track record of working with a wide variety of
companies underpinned by data & analytics, content, software,
and services. We advise on a full spectrum of corporate finance
matters including mergers and acquisitions, debt and equity
fundraisings, IPOs, public transactions, restructurings, and
strategic and valuation advice. The company also provides growth
capital on a selective basis. Quayle Munro is particularly adept at
working with private-equity-owned and entrepreneurial-led
businesses experiencing high growth. For more information please
visit our website.
Disclosure Regarding Forward-Looking
StatementsIn addition to historical information, this
release may contain "forward-looking statements" within the meaning
of the safe harbor provisions of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934 which
reflect FXCM Inc.'s current views with respect to, among other
things, its operations and financial performance in the future.
Forward-looking statements include statements about future results
and performance, including future market share and expected
financial results. It is possible that actual results may differ
materially from the anticipated results indicated in these
forward-looking statements. Please refer to FXCM Inc.'s most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
other reports or documents FXCM Inc. files with, or furnishes to,
the SEC from time to time, for a discussion of important factors
that could cause actual results to differ materially from those
projected in these forward-looking statements.
Contacts
Jaclyn Sales, 646-432-2463
Vice-President, Corporate Communications and Investor Relations
jsales@fxcm.com
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