IG Group to acquire DailyFX

IG Group has agreed a deal to acquire global news and research portal DailyFX and its associated assets for a total consideration of $40 million (€35.7 million).

Subject to final approval, IG Group will finalise the transaction with FXCM by the end of October.

In a statement confirming the agreement, IG Group said that the addition of the DailyFX news and education-based marketing channel will add approximately £5 million to ongoing operating cost, with the purchase price for the assets to be amortised on a straight-line basis over 10 years.

IG Group added that the deal is part of a wider aim to become the “default choice for active traders globally”, adding that Daily FX will “significantly enhance its ability to acquire new clients and to engage with and improve the retention rates of its current clients”.

Peter Hetherington, chief executive of IG Group, said: “We are extremely pleased to have had the opportunity to purchase what we consider to be the leading global client recruitment resource in the FX environment, an asset type where IG is very strong, but historically underweight.

“This brings to IG an exceptional proven platform for both acquiring new clients and further engaging our entire current global client base, along with a number of very talented people.

“This transaction further underpins our commitment to continuing to provide the best client experience in our industry.”

Related article: IG Group claims revenue growth in ‘challenging’ quarter