CySEC regulated retail forex and CFDs broker JFD Brokers has announced that it has acquired 51% of established German investment bank ACON Actienbank AG.
JFD did not give a price for the acquisition, but did state that it also holds an option to acquire an additional 20% of ACON in the future, which could take its holding to 71%.
Founded in 2006, ACON offers investment banking, trading and advisory services. ACON is still run by its founder, former BNP Paribas and Credit Suisse investment banker Michael Hasenstab.
The move to acquire ACON will see JFD diversify away from online brokerage into complementary areas such as asset management and capital raising.
Lars Gottwik, Founding Partner and CEO of JFD Brokers stated:
JFD is at the forefront of the trading industry. Within only six years of JFD’s inception, we feel it is the right time to create such a synergy. We are excited about this new venture and hope to strengthen the bank’s fields of asset management, capital markets and brokerage.
With the deal pending regulatory approval over the next few months, more news is expected on this in the near future.