IG Group has agreed, subject to final approvals, to purchase DailyFX, a leading global news and research portal, and its associated assets, from FXCM Inc for $40 million. It is anticipated that the transaction will complete by the end of October.
IG says this purchase is part of its stated aim of becoming the default choice for active traders globally.
DailyFX, through a series of global websites, delivers market-leading education, research, analysis and news, focused predominantly on the FX markets.
IG believes this transaction will significantly enhance its ability to acquire new clients and to engage with and improve the retention rates of its current clients.
The DailyFX websites currently support eight languages, English, French, German, Italian, Spanish, Greek, Arabic and Chinese, with the client recruitment centred in related geographic regions.
IG will take on ownership of all of the assets associated with delivering the full service to current and potential clients, including journalistic and support staff, subscription lists, source code, all relevant domain names and all intellectual property rights.
For an agreed annual fee, FXCM will continue to benefit from advertising on the US site and will take ownership of any US and Canadian domiciled leads that this advertising generates.