FXCM, Inc. (FXCM) Closes $40M Sale of DailyFX
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- S&P 500 ends up slightly with boost from financials; Netflix up late
- Nestle Said Examining Takeover of Mead Johnson (MJN) - Source
- La Quinta Holdings (LQ) Gains on Plan to Split in Two
- After-Hours Stock Movers 01/18: (OCLR) (CSX) (NFLX) Higher; (AMDA) (RCII) (ZYNE) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
FXCM Inc. (Nasdaq: FXCM) announced that FXCM has closed on its sale of DailyFX to IG Group ("IG"), a global leader in online trading, for a price of $40 million.
Cash of $36 million was paid to FXCM on closing, with an additional $4 million to be paid on completion of certain migration requirements.
FXCM’s proceeds from the sale were used to repay debt owed to Leucadia. FXCM has made loan repayments of $154 million to Leucadia with $156 million outstanding. After the additional $4 million is received, FXCM will have repaid more than half the debt.
"With the close of this deal we have made another positive step towards completing our goal of eliminating the Leucadia debt through the sale of non-core assets and cash generated through operations," said Drew Niv, CEO of FXCM.
Quayle Munro served FXCM as advisors on the deal.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mondelez Int'l (MDLZ) Sells Australia and New Zealand Grocery Business to Bega Cheese Limited for $460M AUD
- Raytheon (RTN) Elects James Winnefeld Jr. to Board of Directors
- Mallinckrodt (MNK) to Pay $100M to Settle FTC, State Charges for Violating Antitrust Laws
Create E-mail Alert Related CategoriesCorporate News, Spinoffs
Related EntitiesHedge Funds, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!