Deutsche Boerse To Buy Forex Trading Platform 360T For 725 Mln Euros

(RTTNews) - German stock exchange operator Deutsche Boerse AG (DBOEY, DBOEF) said Sunday that it has agreed to buy Germany-based foreign exchange trading platform 360T Beteiligungs GmbH for 725 million euros, or $796 million.

Deutsche Boerse said it signed a definitive agreement regarding the acquisition with shareholders of 360T, including U.S.-based private equity firm Summit Partners.

360T caters to a broad customer base, including corporates, buy-side firms, and banks, with double-digit annual revenue growth since its inception in 2000.

Deutsche Boerse expects the acquisition to further accelerate 360T's organic growth trajectory. The company also expects the combination will facilitate significant double-digit million Euro revenue synergies in the medium term, by utilising Deutsche Boerse's international distribution capabilities and expertise.

Deutsche Boerse plans to finance the deal using a combination of debt and equity, so as to minimise a potential impact on the credit rating.

The company expects the transaction to be immediately accretive to its cash earnings per share without synergies, and meet customary ROI targets upon realisation of the mid-term synergy targets.

The completion of the transaction is subject to the approval by competition and supervisory authorities.

DBOEY closed Friday's trading at $9.14, down $0.06 or 0.65 percent on a volume of 58,217 shares.