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Deutsche Boerse beefs up forex business with $100 million buy

Reuters

BERLIN (Reuters) - Deutsche Boerse AG (DB1Gn.DE) is beefing up its foreign exchange business with a $100 million (75.5 million pounds) deal to buy GTX's Electronic Communication Network (ECN) business from GAIN Capital Holdings Inc.

The company said in a statement on Wednesday that GTX's ECN business, which had gross revenues of around $23 million in 2017, would help it add access to deep FX spot liquidity.

Deutsche Boerse expects the deal to be cash accretive in the first year after closing. The acquisition should meet its return on investment target of more than 10 per cent at the latest in the third year after closing, it said.

(Reporting by Caroline Copley; Editing by Victoria Bryan)