IG Group completes $40m DailyFX acquisition

Online trader IG Group announced it has completed the acquisition of DailyFX, a news and research portal, from FXCM for $40m.

The FTSE 250 company announced in September that it was to buy DailyFX as parts of its aim to become the default choice for traders and that the acquisition would enhance its ability to gain retain and gain new clients.

On a yearly basis, DailyFX is expected add around £5m to ongoing operating costs and that the purchase price for the assets will be amortised on a straight-line basis over 10 years.

The acquisition is also expected to be earnings-enhancing in the company's 2018 financial year.

IG Group chief executive Peter Hetherington previously said the acquisition was an opportunity to buy a global client recruitment resource in the foreign exchange environment, an asset type where the company is “very strong, but historically underweight”.