Breaking: Euronext Acquires 90% of FastMatch for $153m
Posted: Mon May 22, 2017 6:01 am
Euronext has become the latest exchange that enters the foreign exchange market. The company just announced the acquisition of 90 percent of FastMatch for $153 million. The deal comes after the electronic communications network (ECN) for trading foreign exchange was consistently outperforming its peers in the industry for the past couple of year.
The management of Fastmatch will continue holding 10 precent of the company. In addition to the initial cash payment there is an additional earn-out payment of $10 million and customary minority rights.
As part of the deal, FXCM Group will sell its stake in the ECN for approximately $55.6 ... (read more)