Thomson Reuters has agreed to acquire FXall, which providesforeign exchange trading solutions for corporations, asset managersand financial firms. Thomson Reuters will pay $22 per share forFXall, putting the total value of the deal close to $625million.
|FXall's biggest shareholder, Technology Crossover Ventures, itschairman and CEO, Phil Weisberg, and its CFO, John Cooley,collectively own about 32.5% of FXall's shares and have agreed tosell those shares to Thomson Reuters. The deal is scheduled toclose in the third quarter.
|Thomson Reuters operates one of the main electronic platformsfor inter-bank FX trading, while FXall has more than 1,000 clients,all institutions that trade FX. Last week, FXall announced that itsaverage daily trading volume hit a record of $98.6 billion in June,up 10% from the level in May.
|On Friday, FXall shares closed at $15.70.
|The press release announcing the acquisition is here.
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