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Plus500 acquires Cunningham assets in US for $30m
StockMarketWire.com
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Online contracts for difference broker Plus500 said it had agreed to acquire the membership interests of Cunningham Commodities and Cunningham Trading Systems in the US for around $30 million.
Cunningham Commodities was a regulated futures commission merchant and Cunningham Trading Systems a technology trading platform provider.
Plus500 said the deal represented a 'major' growth opportunity, that would allow it to expand its geographic footprint 'in the significantly growing, but under-penetrated, US retail trading market in futures and options on futures'.
The would be funded from Plus500's existing cash balances and paid on completion, subject to certain adjustments.
For the year ending 31 December 2020, Cunningham generated gross revenue of about $19 million and pre-tax profit of around $0.6 million, with gross assets of about $70 million.
Story provided by StockMarketWire.com
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