INTL FCStone To Buy GAIN Capital For $6.00/shr In Cash

(RTTNews) - INTL FCStone Inc. (INTL) said that it agreed to acquire GAIN Capital Holdings Inc. (GCAP) for $6.00 per share in an all-cash transaction representing about $236 million in equity value.

As part of the transaction, INTL intends to make an offer at closing to repurchase GAIN's $92 million convertible notes due 2022.

The acquisition is expected to increase INTL's transaction flows and raise client float by $1 billion.

Sean O'Connor, CEO of INTL FCStone, will continue to lead the combined firm, while GAIN CEO Glenn Stevens will continue to lead the former GAIN business within INTL FCStone.

The transaction is expected to close in mid-2020.