28th Aug 2024 21:07
(Alliance News) - Two IG Group Holdings PLC shareholders will trim their stake in the contracts-for-difference trading platform in a placing, transaction bookrunner Jefferies International Ltd said Wednesday.
Tom Sosnoff and Scott Sheridan, who became investors in IG as part of the firm's acquisition of tastytrade in 2021, will sell 6.5 million shares, a 1.8% stake.
IG shares closed 0.6% higher at 992.00 pence each in London on Wednesday. At the current price, the shares being sold are worth GBP64.4 million.
IG acquired US online brokerage and trading education platform tastytrade in June 2021 in a deal worth USD1.0 billion. IG at the time said a cash portion for the deal was worth USD300 million, and USD700 million in shares were to be issued to tastytrade's sellers.
Sosnoff and Sheridan were among four tastytrade management shareholders to join the IG senior leadership team as part of the deal and collectively pick up a 5.7% stake.
Sheridan and Sosnoff's stakes following the sales were not stated.
Jefferies is the sole global coordinator and sole bookrunner in connection with the placing. Jefferies confirmed IG would not receive any proceeds from the transaction.
By Eric Cunha, Alliance News news editor
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