Finance / Japan
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IG Group To Buy FXOnline
September 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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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.