Thomson Reuters to Acquire FXall

Thomson Reuters has entered into a definitive agreement to acquire 100 percent of shares in FX Alliance (FXall).

FXall is one of the leading platforms for electronic foreign exchange (FX) trading. Thomson Reuters will acquire the company at $22 per share, with a completion date expected in the third quarter.

Neither Thomson Reuters or FXall would officially comment on the deal when approached. However, speaking on background, a source within Thomson Reuters said that the company would assess whether FXall will be a wholly-owned subsidiary or absorbed into the company once the transaction had completed. The acquisition, they said, would provide Thomson Reuters with an end-to-end solution for electronic FX trading professionals. They declined to comment on how long negotiations over the deal had been ongoing.

"FXall will now have a bigger stage from which to drive greater innovation and growth, with access to Thomson Reuters global reach, standing in the FX community and focus on client solutions," says Phil Weisberg, chairman and chief executive officer at FXall in a statement provided to the press. "The combined platform allows us to deliver greater value to our clients and employees, building upon the foundation that we have established over the past twelve years. In addition, we believe this is a compelling transaction for our shareholders."