The deal is worth $62 million, with the sale of the Japanese unit of FXCM resulting in the recovery of cash held at the company most likely as a regulatory capital requirement totaling $22 million.
According to a company announcement, FXCM Inc. (NYSE:FXCM) has agreed to sell FXCM Japan Securities Co., Ltd to the Japanese brokerage Rakuten Securities, Inc for $62 million. The figure includes $22 million in cash held on the balance sheet of FXCM Japan.
The definitive agreement has been signed between FXCM Holdings, LLC and the newly formed subsidiary, after the Swiss National Bank's fiasco, FXCM Newco, LLC companies on the side of FXCM Inc (NYSE:FXCM) and Rakuten Securities Inc, which is a wholly owned subsidiary of Rakuten Inc.
The new owner of the company, Rakuten Securities, will continue to use the FXCM trading system for legacy FXCM Japan clients. Once the deal is finalized, the new owner will notify the customers about the deal. Following the announcement, shares of FXCM Inc (NYSE:FXCM) were changing hands 8% higher in pre-market trading.
This is the evaluation FXCM gave of the unit in their earnings presentation earlier this month - $22 million in net cash on balance sheet with $6.0 million in Adjusted EBITDA on a Non-GAAP basis in 2014. So at $62 million, after removing the $22 in net cash, they are paying 6.7X EBITDA.
Pinnacle Inc. served as a financial advisor on the deal.
According to the announcement, the deal is expected to close on April 1, 2015, subject to customary closing conditions and the final purchase price will be based on FXCM Japan's March 31, 2015 balance sheet.
The company's CEO Drew Niv said in the announcement, "We are pleased to announce this transaction with Rakuten Sec, as they are an innovative and strong firm. We are confident that they will provide the same level of excellent service and trading environment that our account holders have experienced at FXCM."
The President of Rakuten Securities, Yuji Kusunoki said, "We are delighted to invite FXCM Japan to Rakuten group. We believe that our combined capability will enhance our strategy to be the top FX service provider in Japan."
According to a company announcement, FXCM Inc. (NYSE:FXCM) has agreed to sell FXCM Japan Securities Co., Ltd to the Japanese brokerage Rakuten Securities, Inc for $62 million. The figure includes $22 million in cash held on the balance sheet of FXCM Japan.
The definitive agreement has been signed between FXCM Holdings, LLC and the newly formed subsidiary, after the Swiss National Bank's fiasco, FXCM Newco, LLC companies on the side of FXCM Inc (NYSE:FXCM) and Rakuten Securities Inc, which is a wholly owned subsidiary of Rakuten Inc.
The new owner of the company, Rakuten Securities, will continue to use the FXCM trading system for legacy FXCM Japan clients. Once the deal is finalized, the new owner will notify the customers about the deal. Following the announcement, shares of FXCM Inc (NYSE:FXCM) were changing hands 8% higher in pre-market trading.
This is the evaluation FXCM gave of the unit in their earnings presentation earlier this month - $22 million in net cash on balance sheet with $6.0 million in Adjusted EBITDA on a Non-GAAP basis in 2014. So at $62 million, after removing the $22 in net cash, they are paying 6.7X EBITDA.
Pinnacle Inc. served as a financial advisor on the deal.
According to the announcement, the deal is expected to close on April 1, 2015, subject to customary closing conditions and the final purchase price will be based on FXCM Japan's March 31, 2015 balance sheet.
The company's CEO Drew Niv said in the announcement, "We are pleased to announce this transaction with Rakuten Sec, as they are an innovative and strong firm. We are confident that they will provide the same level of excellent service and trading environment that our account holders have experienced at FXCM."
The President of Rakuten Securities, Yuji Kusunoki said, "We are delighted to invite FXCM Japan to Rakuten group. We believe that our combined capability will enhance our strategy to be the top FX service provider in Japan."
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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