The Danish holding company CFH Group, already behind CFH Clearing, the tradable platform and trading technology company CFH Systems, issued a press release outlining that it has entered into an agreement to acquire nearly 50% of the voting stock of Boston Technologies Inc. and Boston Prime Ltd. The deal would be an all-cash transaction with Kevin Millien, who recently lost a court dispute to George Popescu for a controlling stake in the company.
According to the press release, the deal is to close within days pending final due diligence. At this point in time Mr. Millien is not part of BT’s Management, having left the company in July last year. He does hold 50% minus one share after the court dispute was settled. Should it be finalized, the agreement puts a lid on a potential deal between FXDD and Boston Technologies, although as will be revealed below, it may not have any affect on M&A deals.
In an interesting revelation, Forex Magnates found that Boston Technologies CEO was unaware of the news, until now, and provided us with his feedback, added below, after the initial publication.
Kevin Millien has been appointed as a strategic consultant to the CFH Group as part of the agreement. His deep knowledge of BT will be put to the most practical use of identifying business and technology synergies between BT and the other companies within the CFH Group. CFH Group’s CEO, Christian Frahm, commented in the press release, “I believe that this transaction is highly accretive for both Boston Technologies’ prime of prime business and our own. Both organisations have proven to be leading innovators in the global FX market with cutting-edge technology. I am confident that this deal will fuel significant growth for both organisations.”
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Kevin Millien concluded, “CFH has built a successful brand by leveraging its experienced management team, strong client relationships and a well-honed technology focus to enable all stakeholders to realize the full potential of their business. It has quickly become the global leader in Prime of Prime Clearing and is renowned for providing best-of-breed technology to banks and brokerage houses across the globe. I am looking forward to collaborating with CFH Group to capitalize on the opportunities which this deal creates.”
Boston Technologies CEO Comments on News to Forex Magnates
Forex Magnates reporters obtained feedback from Boston Technologies CEO George Popescu who elaborated his views on this development, “This news once again confirms that Boston Technologies continues to be very attractive. We are glad to see that there is so much interest in our company and business. Neither the majority owner (himself -George Popescu), or any current Executive has been contacted regarding any possible CFH deal. BT can confirm that Kevin Millien has not been employed and is neither a director or an officer of any of our companies since June 2013, therefore, he has had no involvement in any company operations since that date.
Mr. Popescu added, “Boston Technologies enjoyed a very strong 2013. In 2014, our volumes have continued to grow. We have also recently released an entirely new Bridge and beginning in 2014, we localized our IT infrastructure in Japan, Hong Kong and London to provide faster and better execution. We are also about to enter 2 completely new business lines. We continue looking to the future as a global industry leader of innovative technology and trading services.”
As part of the comments shared with Forex Magnates, Mr. Popescu concluded with the following, “We would be surprised if any deal between Mr. Millien and CHF Holdings would “close” considering it would only result in a minority stake with no decision rights. There have been no communications with BT about this. Any possible sale of Mr. Millien’s minority ownership will not affect anything in the day to day operations, long term strategy or any M&A transactions for BT.”