INTL FCStone Inc., , announced this Wednesday that its subsidiary, INTL Netherlands B.V., has received regulatory approval from the Commission de Surveillance du Secteur Financier, the local regulator in Luxembourg, to complete its acquisition of Carl Kliem S.A.
According to the statement, the transaction will close in just over a weeks time on November 30, 2018. Based in one of the leading financial hubs in Europe, Luxembourg, Carl Kliem is an independent broker.
The firm provides foreign exchange, interest rate and fixed income products to an institutional client base of approximately 400 active customers located across the European Union (EU).
Clients of Carl Kliem will have access to INTL FCStone’s infrastructure in the coming quarters. Furthermore, they will have access to the company’s resources and exchange-traded and over-the-counter products, clearing capabilities and global market access following the acquisition, the statement said.
INTL FCStone first announced its intentions to acquire Carl Kliem back in June of this year. As at the time the move expands INTL FCStone’s footprint in continental Europe. Specifically, following the acquisition, the company will have three locations in the region with Dublin and Frankfurt.
INTL FCStone is preparing for Brexit
With the looming, more and more financial service providers are trying to cement their operations in Europe so they can continue to provide services to EU clients. The acquisition of Carl Kliem is no different.
Source: LinkedIn
In the official statement released by INTL FCStone in June, the price of the acquisition is not material.
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