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StoneX to Acquire R.J. O'Brien, Creating a Market Leader in Global Derivatives
SNEXStoneX(SNEX) Newsfilter·2025-04-14 11:00

Core Viewpoint - StoneX Group Inc. has announced a definitive agreement to acquire R.J. O'Brien for an equity value of approximately 900million,whichwillenhanceitspositionasaleadingFuturesCommissionMerchant(FCM)andstrengthenitsroleintheglobalfinancialmarketstructure[1][8].AcquisitionDetails−Theacquisitionwillbefinancedthroughacombinationof900 million, which will enhance its position as a leading Futures Commission Merchant (FCM) and strengthen its role in the global financial market structure [1][8]. Acquisition Details - The acquisition will be financed through a combination of 625 million in cash and approximately 3.5 million shares of StoneX common stock, with StoneX also assuming up to 143millionofRJOdebt[1][6].−Thetransactionisexpectedtocloseinthesecondhalfof2025,pendingregulatoryapprovals[7].ClientandMarketImpact−RJO′sclientbaseofover75,000accountswillbenefitfromStoneX′sextensiverangeofmarkets,products,andservices,includingOTChedgingandphysicalcommodities[2][3].−TheacquisitionisprojectedtoexpandStoneX′sclientfloatbynearly143 million of RJO debt [1][6]. - The transaction is expected to close in the second half of 2025, pending regulatory approvals [7]. Client and Market Impact - RJO's client base of over 75,000 accounts will benefit from StoneX's extensive range of markets, products, and services, including OTC hedging and physical commodities [2][3]. - The acquisition is projected to expand StoneX's client float by nearly 6 billion and increase cleared listed derivatives volume by approximately 190 million contracts annually [4][8]. Financial Performance - RJO generated 766millioninrevenueandapproximately766 million in revenue and approximately 170 million in EBITDA during calendar 2024, contributing an attractive financial profile to StoneX [4]. - The consolidation of operations is expected to drive more than 50millioninexpensesynergiesandunlockatleast50 million in expense synergies and unlock at least 50 million in capital synergies [8]. Strategic Commentary - Executives from both companies emphasized the transformational nature of the acquisition, highlighting the complementary capabilities and commitment to client service and risk management [5][8].