IG Group To Buy FXOnline

September 2008 | M&A News Alert

The UK's largest spread-betting firm IG Group agreed on September 24 to purchase a majority stake in FXOnline Japan. The firm will pay GBP112.2mn (US$207.7mn) for a 87.5% stake in the company, which holds 4% of Japan's online retail foreign exchange market. FXOnline's Co-Founder James Gow will hold the remaining 12.5% stake and will continue as CEO. News of the deal comes amid a temporary ban on the short-selling of 34 financial stocks in the UK, with similar bans in place in the US, Canada, Australia, Germany, Ireland, Switzerland, France, Belgium and the Netherlands.

If you would like to subscribe to Corporate Financing Week and gain instant access to this article, please click here to subscribe.

If you would like to take a trial to Corporate Financing Week please click on the trial link below.