Thomson Reuters to acquire FX platform FXall

Thomson Reuters has announced a definitive agreement to acquire FXall, global provider of electronic foreign exchange trading solutions to corporations and asset managers.

Under the agreement announced today, Thomson Reuters will launch a tender offer, which is subject to standard regulatory approvals, paying $22 per share in cash.

Technology Crossover Ventures, FXall’s largest shareholder, Phil Weisberg (pictured), chairman and chief executive officer and John Cooley, chief financial officer, who collectively own approximately 32.5% of FXall’s outstanding shares, have each agreed to tender their shares into the offer.

“FXall will now have a bigger stage from which to drive greater innovation and growth, with access to Thomson Reuters global reach, standing in the FX community and focus on client solutions,” said Phil Weisberg, chairman and chief executive officer, FXall.

He added: “The combined platform allows us to deliver greater value to our clients and employees, building upon the foundation that we have established over the past twelve years. In addition, we believe this is a compelling transaction for our shareholders.”

FXall’s processes are used by 1,300 institutional clients including asset managers, corporations, banks, broker-dealers and hedge funds.

Thomson Reuters expects the acquisition to close in the third quarter.

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