Sept 30 Online trading company IG Group Holdings
Plc said it had agreed to buy news and research portal
DailyFX and its associated assets from U.S. retail broker FXCM
Inc for $40 million.
IG Group said the deal, which is expected to close by the
end of October, would add about 5 million pounds ($6 million) to
ongoing operating costs annually and add to earnings from IG's
2018 financial year.
Upon completion, the DailyFX business along with its web
domains, source code, content and 34 employees will be
transferred to IG, FXCM said.
FXCM, which is the largest U.S. retail broker, with about
200,000 customers worldwide and 88,000 in the United States,
said it would use the proceeds from the sale to repay debt.
IG Group, which has over 152,600 active clients according to
its website, said the deal would "significantly enhance" its
ability to bring on new clients improve the retention rates of
($1 = 0.7715 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by