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IG to acquire Tastytrade for $1 billion; profit more than doubles in H1
StockMarketWire.com
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Online trading platform IG said it had tabled a $1 billion bid to acquire tastytrade amid a push into the US exchanged traded options and futures market.
The company also reported that first-half profit more than doubled as strong trading activity had continued amid an influx of new clients.
For the six months ended 30 November 2020, pre-tax profit jumped 129% to £231.3 million as trading revenue jumped 67% to £416.9 million year-on-year.
Active clients rose 55% to 238,600.
The company declared an unchanged interim cash dividend of 12.96 pence per share.
The $1 billion acquisition of tastytrade, will see 'IG diversify into the US exchange traded options and futures, a market with an estimated 1.5 million retail traders,' the company said.
Tastytrade had an estimated 1.5 million retail traders, and the acquisition was expected to be to completed in the first quarter of financial year ending 31 May 2022, it added. At 8:06am: (LON:IGG) Ig Group Holdings PLC share price was 0p at 786.5p
Story provided by StockMarketWire.com
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