(Bloomberg) -- IG Group Holdings Plc agreed to buy American online brokerage platform Tastytrade Inc. for $1 billion, expanding the trading firm’s operations in the world’s largest derivative market.
The deal comprises $300 million in cash and the issuance of 61 million IG Group shares to Tastytrade’s shareholders, according to a statement Thursday. The combination would add Tastytrade’s more than 105,000 active accounts to IG’s platform, whose core markets include the U.K., European Union, Australia and Singapore. IG shares rose as much as 1.7% at the open.
“This acquisition will materially expand and scale our business in the U.S. and see us further diversify into the exciting high growth market of U.S. retail options and futures,” June Felix, chief executive officer of IG Group said in the statement. “The U.S. market has more than 1.5 million retail traders and is the largest derivatives market in the world.”
Online brokerage platforms have enjoyed a surge in volume in the past year as market volatility and work-from-home mandates draw more retail customers into the market. The acquisition is expected to complete in the summer of 2021. Jefferies advised IG Group on the transaction.
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