Business
Thomson Reuters Agrees to Acquire FX Alliance Inc. (FXall), the Leading Multi-Bank Electronic Foreign Exchange Platform
Thomson Reuters Agrees to Acquire FX Alliance Inc. (FXall), the Leading Multi-Bank Electronic ...
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nThomson Reuters Agrees to Acquire FX Alliance Inc. (FXall), the Leading Multi-Bank Electronic Foreign Exchange Platform\n\nThomson Reuters Agrees to Acquire FX Alliance Inc. (FXall), the Leading Multi-Bank Electronic Foreign Exchange Platform\nTransaction provides FX community with an integrated end to end solution\nNEW YORK, July 9, 2012 - Thomson Reuters (TSX / NYSE: TRI), the world's leading source of intelligent information for businesses and professionals, has entered into a definitive agreement to acquire 100% of the shares of FXall for $22 per share in cash. FXall (NYSE:FX), is the leading independent global provider of electronic foreign exchange trading solutions to corporations and asset managers. Under the agreement, Thomson Reuters will launch a tender offer, which is subject to standard regulatory approvals, for the acquisition in the coming days. The FXall Board has unanimously resolved to recommend that all shareholders tender their shares into the offer. \nTechnology Crossover Ventures, FXall's largest shareholder, Phil Weisberg, 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 (subject to certain terms and conditions).\nThis transaction brings together two leading companies in their respective segments of the dynamic foreign exchange marketplace, one of the largest and most liquid asset classes. FXall and Thomson Reuters have complementary customer bases and long standing relationships with bank liquidity providers.  \nThomson Reuters is a key provider of access to market liquidity and workflow solutions to the inter-bank electronic FX markets. Participants in the FX market use Thomson Reuters to access content and pre-trade analytics, connect to their counterparties, find liquidity and trade in regulatory compliant and secure environments.  \nFXall's leading trading and workflow processes are used worldwide by over 1,300 institutional clients including asset managers, corporations, banks, broker-dealers and hedge funds.  \n\"Thomson Reuters and FXall have established leading positions in complementary aspects of electronic FX trading,\" said Abel Clark, managing director, Marketplaces, Thomson Reuters. \"This combination will...