FXCM Signs Agreement to Sell News and Research Website DailyFX for $40 Million
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FXCM Inc. /
FXCM Signs Agreement to Sell News and Research Website DailyFX for $40 Million
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NEW YORK, Sept. 30, 2016 (GLOBE NEWSWIRE) -- FXCM Inc. (NASDAQ:FXCM) ("FXCM"), a
leading online provider of foreign exchange (FX) trading and related services,
today announced that it has agreed to sell DailyFX, its news and research
website to IG Group ("IG"), a global leader in online trading, for a price of
$40 million. Subject to IG final approval and customary closing conditions, the
transaction is expected to close by the end of October.
Upon completion, IG will receive the entire DailyFX business including all
international and domestic web domains, source code and content. 34 employees
currently working on DailyFX domains will also transfer to IG in the
transaction. FXCM will continue to be an advertiser to U.S. and Canadian
residents on the DailyFX English version of the website.
Once the transaction is completed, a transition period for migration purposes
will begin immediately. Cash of $36 million will be paid to FXCM on closing,
with the additional $4 million to be paid on completion of certain migration
requirements. Proceeds from the sale will be used to repay debt owed to
Leucadia. Following this transaction, FXCM will have made loan repayments of
$157 million to Leucadia with $153 million outstanding and will have repaid more
than half its debt.
"While DailyFX is a high quality asset and was not a targeted asset to sell, the
opportunity came along and it was something we felt we should take advantage
of," said Drew Niv CEO of FXCM. "At this time, we do not plan on selling any
other retail FX assets and believe the remaining assets held for sale satisfy
the remaining debt outstanding to Leucadia."
FXCM strongly believes in education, trading tools and resources and will
continue to offer high quality forex trading education and provide news and
analytics through its FXCM web domains as well as on the FXCM Trading Station
platform and charting package. The company will continue to offer FXCM clients
with proprietary data and premium resources. In the coming weeks FXCM will be
launching FXCM Plus, a password protected webpage for all FXCM live clients
which will include FXCM's proprietary data including signals, sentiment data
(SSI), live webinars and technical alerts. FXCM clients will also still have
access to IG's DailyFX PLUS.
For more information on FXCM's tools and resources, and to open
a demo or live account, traders can contact an FXCM specialist
at info(at)fxcm.com or call 1-212-897-7660.
Visit www.fxcm.com and follow us on Twitter (at)FXCM, Facebook FXCM,
Google+ FXCM or YouTube FXCM.
About Us:
FXCM Inc. (NASDAQ:FXCM) is a publicly traded company which owns 50.1% of FXCM
Group, LLC (FXCM Group).
FXCM Group is a holding company of Forex Capital Markets LLC, (FXCM US), Forex
Capital Markets Limited, inclusive of all EU branches (FXCM UK), FXCM Australia
Pty. Limited, (FXCM AU), and all affiliates of aforementioned firms, or other
firms under the FXCM group of companies [collectively "FXCM"]. FXCM Group is
owned and operated by FXCM Inc. (NASDAQ:FXCM) and Leucadia National Corporation
(NYSE:LUK). Leucadia National Corporation is a multi-billion dollar diversified
holding company engaged through its consolidated subsidiaries in a variety of
businesses.
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading,
spread betting and related services. The company's mission is to provide global
traders with access to the world's largest and most liquid market by offering
innovative trading tools, hiring excellent trading educators, meeting strict
financial standards and striving for the best online trading experience in the
market. Clients have the advantage of mobile trading, one-click order execution
and trading from real-time charts. In addition, FXCM offers educational courses
on FX trading and provides trading tools proprietary data and premium
resources. FXCM Pro provides retail brokers, small hedge funds and emerging
market banks access to wholesale execution and liquidity, while providing high
and medium frequency funds access to prime brokerage services via FXCM Prime.
Trading foreign exchange and CFDs on margin carries a high level of risk, which
may result in losses that could exceed your deposits, therefore may not be
suitable for all investors. Read full disclaimer.
Contacts
Jaclyn Sales, 646-432-2463
Vice-President, Corporate Communications and Investor Relations
jsales(at)fxcm.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FXCM Inc. via GlobeNewswire
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