Euronext has completed the acquisition of 90% of FastMatch, after having received regulatory and anti-trust approvals.
This follows the announcement of 23 May 2017 on the signing of the agreement with the existing shareholders of FastMatch.
In a release issued today, Euronext says that the acquisition is part of its “Agility for Growth” strategy, and that it will diversify Euronext’s top line, accelerate its growth profile and allow the group to extend its “best execution” value proposition to an additional asset class.
As part of the deal, $46.7 million was paid to FXCM on closing for its stake in FastMatch, with $8.7 million held in escrow subject to certain potential future adjustments.
In addition, FXCM has a share of a $10 million earnout if certain performance targets of FastMatch are met. FXCM’s proceeds from the sale were used to repay debt owed to Leucadia, with $66.8 million outstanding.
“With the close of this deal we have made a significant step towards reducing the Leucadia debt,” says Brendan Callan, CEO of FXCM Group.