In a bid to expand its business in the Foreign Exchange (Forex) market, Deutsche Boerse AG has entered into a “definitive agreement” to buy 360T, a global Foreign Exchange Platform, for €725 million or more than $795 million, reported by Deutsche Boerse’s press release. The spokesperson for the company said that 360T which is based out of Frankfurt and whose customers include corporate clients and banks has seen double digit growth since it was founded in 2000. In addition, the combination will facilitate significant double-digit million Euro revenue synergies in the mid-term by utilising Deutsche BÃ¶rse Group’s worldwide distribution capabilities and expertise.Deutsche BÃ¶rse AG plans to finance the acquisition via a combination of debt and equity, with the aim to minimise a potential impact on the credit rating.
Deutsche Boerse declined to comment beyond its statement announcing the agreement with SIX.
It is understood that Deutsche Börse beat competition from CME Group, a currency exchange operator, to secure the deal.
As the success of fintech start-ups grow, this deal is notable as 360T is now known as the most valuable German fintech company and will pave the way for further investment, reported by Reuters.