StoneX Group, previously known as INTL FCStone, has announced on Friday the closure of its acquisition of GAIN Capital, a publicly-listed brokerage firm.

The US-based broker and clearing house first revealed its intention for the acquisition in late February after receiving approval from the board of both the companies. Many GAIN Capital shareholders initially ended up in opposing the deal, but at the end, with a 71 percent shareholders’ approval, the deal went through.

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Listed in the New York Stock Exchange, GAIN Capital offers trading services with multiple assets, including forex, commodities, and global equities to both retail and institutional traders.

Commenting on this acquisition, GAIN CEO Glenn Stevens said: “As a result of this combination, GAIN’s customers will benefit from a richer product offering, as well as the expanded resources and greater scale of the combined firm. StoneX, in turn, will add a new digital platform to its global financial network, significantly expanding its offering to retail clients, as well as a complementary futures business.”

A major deal in the brokerage industry

StoneX paid $6 per share for GAIN in an all-cash transaction, taking the total deal size at $236 million.

In a recent interview with Finance Magnates, Sean O’Connor, CEO of StoneX, said that the acquisition is beneficial from the financial and strategic standpoint and also strengthens the Group with intellectual assets.

In its quarterly financials, GAIN Capital recently reported that it generated net revenue of $101 million for the 2020 second quarter, down from the $185 million in the previous quarter, but still a solid uptick compared to the $75 million generated in the same time frame the previous year.

“We expect the integration of GAIN’s businesses to drive transaction volumes and create new cross-selling opportunities across all of our platforms – ultimately driving our financial performance in the process,” O’Connor said in a statement.