1st Dec 2021 10:21
(Alliance News) - IG Group Holdings PLC on Wednesday announced the proposed sale of North American Derivatives Exchange Inc and its 39% interest in Small Exchange Inc for USD216 million in total.
Nadex is a US derivatives exchange for binary options and call spreads, while Small Exchange is a US futures exchange approved by the Commodity Futures Trading Commission.
The London-based online trading platform said the assets will be sold to Foris Dax Markets Inc, which is part of non-fungible tokens trading platform Crypto.com.
The sale is expected to be completed in the first half of 2022, and is subject to several conditions, including regulatory approval.
"We're really excited by this deal, as it delivers a significant return on the previous investments made in Nadex and Small Exchange and enables additional investment across all our businesses. This deal also allows us to further sharpen our focus on integrating and expanding the US options and futures business through our tastytrade and tastyworks franchises, both in the US and internationally, where we see significant room for growth," said IG Chief Executive Officer June Felix.
Shares in IG Group were up 0.7% at 776.50 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
IG