Gain Capital to buy City Index
FX retail firm pays $118 million for company
Gain Capital has announced its agreement to buy retail FX, contracts-for-difference (CFD) and spread-betting firm City Index for $118 million, as the US retail company continues its acquisition drive since the buyout of GFT Markets for $107.8 million last year.
The purchase of City Index includes $36 million in cash on the firm's balance sheet. It will create a combined company with 235,000 retail customers and more than $3 trillion per year in trading volumes.
Gain Capital says the purchase is
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