GAIN Capital receives shareholder approval for acquisition of City Index Limited

Gain Capital Holdings Inc (NYSE:GCAP) today announced today that its common shareholders have overwhelmingly approved the acquisition of City Index Limited at a special meeting of shareholders held on March 12, 2015. The nearly universal shareholder support for the transaction was evidenced by a turnout of 93% of all outstanding shares attending the special meeting and over 99% of such shares voting in favor of the transaction.

The combination of GAIN Capital and City Index was explained to LeapRate in an exclusive interview with GAIN Capital CEO Glenn Stevens at the time of the acquisition being announced, with customers in over 180 countries and approximately $1.1 billion in customer assets, handling in excess of $3 trillion in trade volume annually.

“We are extremely pleased that our shareholders have recognized the compelling strategic and financial rationale for this transaction,” said Mr. Stevens on the completion of the deal today.

“The City Index acquisition is another important milestone in the execution of GAIN’s long term strategic plan, which includes scaling the retail business and diversifying our revenue streams across products, geographies and customer segments. We believe it will be a transformational combination for the company and the industry” concluded Mr. Stevens.

The approval of the transaction by GAIN’s shareholders was one of the final conditions to the closing of the previously announced acquisition. Subject to the satisfaction or waiver of all closing conditions related to the acquisition, GAIN expects the transaction to close early in the second quarter 2015.

For the official announcement from GAIN Capital click here.

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