Thomson Reuters to Acquire FXall For $22 Per Share

Thomson Reuters

announced on Monday that it has entered into a definitive agreement to acquire foreign exchange platform FX Alliance

for $22 per share in an all-cash deal. In the wake of the news, FX shares have jumped more than 40% to $22.01. The deal is expected to close in the third-quarter. Abel Clark, managing director, Marketplaces, Thomson Reuters stated, "This combination will enable us to provide our customers with integrated management of trades though the entire lifecycle, delivering the benefits of a more streamlined trading process and more efficient execution." FX Alliance's trading and workflow processes are used by over 1,300 institutional clients across the world. The company's board of directors has unanimously recommended that all shareholders tender their shares in the offer. Thomson Reuters (TRI) was trading down roughly 0.35% on Monday.