Тhe Ontario District Council of the Investment Industry Regulatory Organization of Canada (IIROC) announced its approval of the StoneX’s acquisition of all issued and outstanding securities of GAIN Capital – FOREX.com Canada Ltd.
Canadian regulator approves StoneX acquisition of GAIN Canada
As per the agreement, financial services provider INTL FCStone would acquire Gain for $6.00 per share in all-cash transaction, amounting to approximately $236 million in equity value. NTL FCStone has also agreed to make an offer at closing to repurchase GAIN Capital’s $92 million convertible notes due 2022 as part of the transaction.
Financial services provider INTL FCStone announced later last month the approval of the company’s rebranding to StoneX Group in a majority vote at the its shareholder meeting. The company will trade under the symbol SNEX, effective 6 July.