After a couple months of speculation, the anti-climatic bidding war (although we believe CME Group and NASDAQ were never serious contenders) came to an end today for the highly prized multi-bank OTC FX platform 360T. It was reported earlier today the breaking news of the sale of 360T to Deutsche Börse Group. Excited about the deal, Deutsche released a statement a short while ago which you can check out below.
Official statement from Deutsche Börse:
Deutsche Börse AG and the shareholders of 360T Beteiligungs GmbH (“360T”) including Summit Partners 360 S.à.r.l. signed a definitive agreement regarding the full acquisition of 360T by Deutsche Börse AG for a total purchase price of 725 million Euro.
360T is a leading global FX trading platform catering to a broad customer base including corporates, buy-side firms, and banks, with double-digit annual revenue growth since its inception in 2000. The acquisition by Deutsche Börse AG is expected to further accelerate 360T’s organic growth trajectory.
In addition, the combination will facilitate significant double-digit million Euro revenue synergies in the mid-term by utilising Deutsche Börse Group’s international distribution capabilities and expertise.
Deutsche Börse AG plans to finance the acquisition via a combination of debt and equity, with the aim to minimise a potential impact on the credit rating. The transaction is expected to be immediately accretive to cash earnings per share without synergies and will meet customary ROI targets upon realisation of the mid-term synergy targets. The completion of the transaction is subject to the approval by competition and supervisory authorities.
For more on the announcement, click here.