Electronic trading major IG Group Holdings plc (LON:IGG) today confirms the completion of its acquisition of tastytrade, an online brokerage and investor education platform with a leading position in the U.S. listed options and futures market. The completion of the deal is effective 28 June 2021.
June Felix, Chief Executive Officer, IG Group, commented:
“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.”
IG has received all the necessary regulatory and anti-trust approvals and satisfied all necessary pre-conditions to complete its acquisition of tastytrade, Inc, which was initially announced in January 2021. The total consideration comprises $300 million in cash and the issuance of 61,000,000 new ordinary shares in IG to tastytrade shareholders.
Application has been made for the admission of the Consideration Shares, which will rank pari passu in all respects with the Company’s existing ordinary shares in issue, to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (“Admission”). Admission is expected to become effective and unconditional at 8am, 29 June 2021 with dealings in the Consideration Shares expected to commence on the same day.
Subject to Admission, the total number of ordinary shares of 0.005p each with voting rights in issue will be 431,299,455.
