Core Viewpoint - StoneX Group Inc. has successfully completed the acquisition of R.J. O'Brien, making it the largest non-bank Futures Commission Merchant in the U.S. and enhancing its position in the global derivatives market [1][4]. Company Overview - StoneX Group Inc. operates a global financial services network, connecting various market participants through digital platforms and execution services [6][7]. - The company serves over 54,000 commercial and institutional clients, along with more than 260,000 self-directed retail accounts [7]. Acquisition Details - R.J. O'Brien, founded in 1914, supports over 75,000 client accounts and has generated $766 million in revenue and approximately $170 million in EBITDA during 2024 [2][8]. - The acquisition is expected to create significant revenue synergies through cross-selling opportunities in OTC derivatives, physical commodity trading, and fixed income products [4]. Financial Impact - StoneX targets $50 million in expense savings and aims to unlock at least $50 million in capital synergies through operational consolidation [4]. - The acquisition is projected to expand StoneX's client float by nearly $6 billion, enhancing margins and return on equity while being accretive to earnings [4]. Strategic Benefits - The combined company will provide clients access to nearly every major global derivatives exchange and a comprehensive multi-asset platform [3]. - The integration of technologies and tools from both companies is expected to deliver significant benefits in risk management and trading execution across multiple asset classes [5].

Core Viewpoint - StoneX Group Inc. has announced a definitive agreement to acquire R.J. O'Brien for an equity value of approximately $900 million, which will enhance its position as a leading Futures Commission Merchant (FCM) and strengthen its role in the global financial market structure [1][7]. Financial 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 $143 million of RJO debt [1][6]. - R.J. O'Brien generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024 [4]. Client and Market Impact - The acquisition will expand StoneX's client float by nearly $6 billion and add nearly 300 introducing brokers (IBs) to its network, increasing the total client accounts to over 75,000 [4][7]. - It is projected to increase cleared listed derivatives volume by approximately 190 million contracts annually [4]. Strategic Benefits - The transaction is expected to create significant revenue synergies, particularly in over-the-counter (OTC) derivatives, physical commodity trading, and fixed income products [7]. - The consolidation of operations is anticipated to drive more than $50 million in expense synergies and unlock at least $50 million in capital synergies [7]. Leadership and Future Outlook - Gerry Corcoran, the CEO of R.J. O'Brien, will continue in a senior leadership role at StoneX, emphasizing the complementary capabilities and commitment to client service [5]. - The transaction is expected to close in the second half of 2025, subject to regulatory approvals [8].