NEX Group (LON:NXG), a financial technology company at the centre of global markets, has announced today that it has agreed commercial terms with a number of investors to invest new funds into NEX Exchange. The new funds will be retained by NEX Exchange, where they will be used to develop and grow the business.
Completion of the transaction is subject to non-objection from the FCA, which is expected in the second half of financial year 2018/2019. Following completion, NEX will retain a significant minority shareholding in NEX Exchange.
On completion of the transaction, Patrick Birley will step down as CEO and Oliver Hemsley, the founder and former CEO of Numis Securities, will be appointed as CEO of the business.
NEX Exchange is a listing venue for small and medium sized enterprises, and currently has 89 companies listed on it.
Michael Spencer, Group CEO of NEX, said:
We are pleased to have secured new investment in NEX Exchange to further develop the business and enhance our offering for SMEs. We thank Patrick Birley for his excellent contribution to the business since our 2012 acquisition and we look forward to working with Oliver Hemsley as he takes the business to the next stage of its growth.