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].