M&A
confidence high
sentiment positive
materiality 0.85
StoneX acquires R.J. O'Brien for ~$900M; adds 75K clients, $170M EBITDA
StoneX Group Inc.
- Total equity value ~$900M ($625M cash + ~3.5M SNEX shares); StoneX assumes up to $143M of RJO debt.
- RJO 2024 revenue $766M, EBITDA ~$170M; StoneX expects >$50M in expense and capital synergies each.
- Adds over 75,000 client accounts and nearly $6B in client float; expands IB network by ~300.
- RJO CEO Gerry Corcoran to remain in a senior leadership role with StoneX post-close.
- Closing expected H2 2025, subject to regulatory approvals; Bank of America provided committed bridge financing.