|Real-time Estimate - 10/18 05:55:02 am|
Plus500 Ltd. completed the acquisition of Cunningham Commodities LLC. and Cunningham Trading Systems LLC.07/20/2021 | 12:00am
Plus500 Ltd. (LSE:PLUS) agreed to acquire Cunningham Commodities LLC. and Cunningham Trading Systems LLC. for $30 million on April 21, 2021. The consideration will be paid on completion, subject to certain adjustments. Portions of the consideration are to be held in escrow for two years from completion of the Acquisition, for retention purposes. The total $30 million acquisition cost will be funded from Plus500’s existing cash reserves. For the year ending December 31, 2020, Cunningham generated gross revenue of approximately $19 million and profit before tax of approximately $0.6 million, with gross assets of approximately $70 million. Bill Cunningham, Andrew Busby and Nate Ostrye, will continue to lead the businesses following completion of the transaction. The transaction is subject to the receipt of certain regulatory approvals and other closing conditions. The transaction is expected to be completed during Q3, 2021. As of July 12, 2021, the transaction is expected to close complete in the coming weeks. The transaction is expected to be earnings accretive in its first full year. Nir Dash, Michal Herzfeld and Ran Hai of Herzog Fox & Neeman acted as legal advisor to Plus500. Sidley austin LLP acted as legal advisor to Plus500 ltd. Plus500 Ltd. (LSE:PLUS) completed the acquisition of Cunningham Commodities LLC. and Cunningham Trading Systems LLC. on July 20, 2021.
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