Thomson Reuters (TSX / NYSE: TRI), the world's leading source of intelligent information for businesses and professionals, today announced that it has completed its acquisition of FXall (NYSE:FX), the leading multi-bank electronic foreign exchange platform.
This follows the agreement that was announced on July 09, 2012. Thomson Reuters, through its subsidiary, CB Transaction Corp. ("CB"), completed the acquisition through a cash tender offer and by exercising a top-up option to acquire additional shares directly from FXall followed by a short-form merger of CB with and into FXall on August 20, 2012.
The acquisition brings FXall's leading trading and workflow processes which are used by over 1,300 institutional clients including asset managers, corporations, banks, broker-dealers and hedge funds into Thomson Reuters, combining two leading companies in their respective segments of the dynamic foreign exchange marketplace.
"The completion of this transaction is an exciting and significant step in the further growth and development of Thomson Reuters Marketplaces business," said Abel Clark, managing director, Marketplaces, Thomson Reuters. "Both FXall and Thomson Reuters will continue to operate their trading platforms and service channels as we complete the integration. We look forward to building our community, people and services to deliver the most innovative FX services available across the entire spectrum of trade discovery, execution and post-trade services."
During the integration planning following the acquisition there will be no change to the FXall organizational structure. FXall will continue to operate with its existing brand, technology and processes, providing continuity for clients and ensuring no service disruption is experienced.