IG Group to acquire Independent Reserve in AUD $178m crypto deal
IG Group has confirmed the acquisition of Independent Reserve, one of Australia’s largest cryptocurrency exchanges, for an initial enterprise value of AUD $178.0 million (GBP £86.8 million).
The purchase accelerates IG’s expansion into cryptocurrency markets, particularly within the Asia Pacific region, building on its existing efforts to develop its crypto offerings in the UK and US.
Transaction details
Under the terms of the agreement, IG will acquire an initial 70% stake in Independent Reserve for a consideration of AUD $109.6 million (GBP £53.4 million), excluding an expected share of acquired surplus cash amounting to AUD $8.4 million (GBP £4.1 million). A further payment of AUD $15.0 million (GBP £7.3 million) may…
