Pan-European exchange operator Euronext has announced the acquisition of approximately 8% of additional interest in FastMatch, a global FX spot market operator, operating as a Euronext company since August 2017. Euronext acquired a 90% stake in FastMatch for $153 million.
In combination with the stake in the company that Euronext acquired in August 2017, Euronext now owns an approximate 97.3% interest in FastMatch.
The additional interest was acquired by purchasing the remaining shares owned by Dmitri Galinov, co-founding CEO of FastMatch, for $.001 per share, following his termination for cause by FastMatch. The shares were purchased pursuant to the agreement signed at the time of the acquisition of the company.
Mr. Galinov is apparently preparing legal action to fight the termination for cause.
Kevin Wolf, US Head of FICC for Euronext and member of the FastMatch Board of Directors since September 2017, was appointed CEO of FastMatch in June 2018 by the Board of Directors of FastMatch, Inc., following Galinov’s termination.