LMAX Exchange buys out Paddy Power Betfair stake for £21.9M
LMAX Exchange Group has announced that it has completed the acquisition of the remaining stake in Paddy Power Betfair plc, buying 31.35% (or 187,811 shares) of the total value of £ 21,945,000 and the 95% stake in the company management control .
This acquisition of shares is financed by senior bank debt at Silicon Valley Bank (SVB) , a bank focused on innovative economy and the terms of the loan are not disclosed.
LMAX said the share buyback will allow the group to focus on more efficient and defined directions.
David Mercer, CEO of LMAX Exchange Group said: I am very pleased to be working with Silicon Valley Bank. SVB’s focus on the innovation economy resonates perfectly with LMAX Exchange growth story and future ambition – this creates a solid foundation for our partnership going forward.
Having successfully built a global exchange marketplace for FX, our ambition is to continue growing our distribution and propagate the exchange execution model across capital markets.
Using our proprietary and innovative exchange technology, we have led change in the FX industry by bringing in a new market structure, one that delivers complete transparency, open access and a level playing field for all market participants.
Today, LMAX Exchange counts among its members all major global banks and non-banks and our trading volumes are breaking new record highs – further validation of the industry’s transition to an exchange execution model. By consolidating the ownership of LMAX Exchange Group, we are positioning the business for continued growth and building long term stakeholder value.