FXCM, Inc. (FXCM) Closes $40M Sale of DailyFX
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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.
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