Gain Capital Japan announced today that the company has decided to change its name after the recent acquisition by the New York-based financial services provider, StoneX (previously known as INTL FCStone).
According to the official announcement published on Forex .com/jp, the company will officially change its name from 'Gain Capital Japan Co., Ltd.' to 'Stone X Financial Co., Ltd.' StoneX completed the acquisition of Gain Capital Group in 2020 in a deal worth nearly $236 million.
“With more than 100 years of experience in financial markets, StoneX Group (NASDAQ: SNEX), which develops forex.com brands globally, meets strict standards in corporate governance, financial reporting and disclosure as a publicly-traded company on the NASDAQ stock market in the United States,” the company mentioned in the official announcement.
StoneX first revealed its intention to acquire Gain Capital in February 2020 and completed the acquisition in July last year. StoneX paid $6 per share in an all-cash transaction with a total deal value of approximately $236 million.
During an interview with Finance Magnates, Sean O'Connor, Chief Executive Officer at StoneX, said: “Gain was beneficial from a financial and strategic standpoint, and it provided us with the intellectual assets to enhance our strategy to become the best-in-class financial platform, connecting clients to the global markets across asset classes, offering vertically integrated Execution and clearing.”
Strong Financial Results
StoneX recently published its financial results for the first quarter of the fiscal year 2021, ending on December 31. The company reported a surge in FX and CFD business after the acquisition of Gain Capital. Operating revenues, as well as trading activities on the FX and CFD instruments, jumped significantly in the last few months. In addition to its acquisition of Gain Capital, StoneX has expanded its global sports sponsorship portfolio as well. Finance Magnates earlier reported about the company’s sponsorship deal with one of the leading rugby clubs in the UK, Saracens.
