IG Group Completes the Acquisition of Tastytrade after Regulatory Approval - Crypto News

IG Group Completes the Acquisition of Tastytrade after Regulatory Approval

IG Group, a financial broker listed in London, has confirmed on Monday that it completed the acquisition of Tastytrade, a US-based online broker and a trading education platform. The deal was formalized after the firm received the regulatory and anti-trust green light to complete the business maneuver.

According to the announcement, the total consideration comprises a total of $300 million in cash and the issuance of 61,000,000 new ordinary shares in IG Group to Tastytrade shareholders. “This transaction marks another important milestone in the delivery of IG’s growth strategy, diversifying our product offering and significantly strengthening our global franchise. I am thrilled to welcome Tastytrade to the IG family. Tastytrade is an innovative, high-growth, high-margin business giving us immediate scale in the largest retail options and futures market in the world. Tastytrade will significantly enhance our client proposition, broadening choice and opportunity while providing products, tools, and educational resources to empower financial decision making,” June Felix, Chief Executive Officer at IG Group, commented.

Bank Account Alternative. Business Account IBAN.

The financial broker also stated that the application had been made for the admission of the consideration shares, which is expected to become effective at 8 AM (local time) on June 29, 2021. Per the acquisition’s announcement, the total number of ordinary shares worth 0.005p each with voting rights will be 431,299,455.

Intentions to Buy Tastytrade Early This Year

Finance Magnates reported IG Group’s intention to acquire the US-based online broker and a trading education platform. At that time, it was announced that the management team of Tastytrade would remain the same. Tastytrade has over 105,000 active trading accounts with headquarters in Chicago. Additionally, the company has nearly 900,000 unique registrations. IG Group aims to take advantage of the growing retail trading market in the US with the acquisition.

Recently, the London-listed financial broker partnered with Teach for Australia (TFA), the Australia-based not-for-profit organization focusing on addressing education inequality in the country.



Show More

Leave a Reply

Your email address will not be published.