INTL FCStone Inc. (Nasdaq: INTL), today announced that it has executed a sale and purchase agreement to acquire FX broker Carl Kliem S.A, of Luxembourg. Closing is conditional upon approval of the Commission de Surveillance du Secteur Financier.
Carl Kliem is an independent interdealer broker based in Luxembourg, a leading European financial hub, which provides foreign exchange, interest rate and fixed income products to a diverse, institutional client base across the European Union (EU).
Carl Kliem employs approximately 40 people and has over 400 active institutional clients. Its clients will benefit greatly from INTL FCStone’s infrastructure, resources and comprehensive array of exchange traded and over-the-counter products, clearing capabilities and global market access. The acquisition price is not material to INTL FCStone Inc.
Philip Smith, Chief Executive, EMEA, commented on today’s news:
We’re thrilled at the prospect of adding the Carl Kliem team to our extensive and multi-product team. This acquisition represents a tremendous opportunity to leverage a very strong European client base with the full breadth of product offering available within the INTL FCStone group. At the same time this acquisition provides an EU-based footprint for INTL FCStone post Brexit.
Mika Valanki, Managing Director of Carl Kliem S.A., added:
This is a tremendous opportunity for us to expand our array of exchange traded and over-the-counter products to the benefit of our clients, and will allow us to offer significantly increased clearing capabilities and global market access. In addition to the countless market-driven opportunities, Carl Kliem will also benefit from the access to INTL FCStone’s infrastructure and resources to the benefit of staff and clients alike.