A team from Squire Sanders has acted for Monex Group (Holding Monex SAPIB), one of the world’s largest commercial foreign exchange providers, on the acquisition of London-based forex specialist Schneider Foreign Exchange on 2 July. The cash deal is worth around US$100 million.
The acquisition makes Monex Group one of the largest deliverable commercial foreign exchange specialists in the world, with US$125 billion in currency transactions annually.
Squire Sanders acted for Monex Group. The transaction was led by Corporate partner Claire Scott-Priestley with assistance on tax from Bernhard Gilbey and banking regulatory advice from Paul Anderson.
As a result of the acquisition Schneider Foreign Exchange will be renamed Monex Europe and its London office will become the European HQ for Monex Group as it pursues aggressive expansion into mainland Europe.
The Chairman of Monex Group, Hector Lagos, said: “This acquisition is a key strategic investment in Europe for us. Schneider Foreign Exchange is already leading commercial FX in the UK and we look forward to supporting its ambitious growth plans across the continent as Monex Europe.”
Claire Scott-Priestley said: “We were delighted to assist the client with this landmark transaction which gives them a strong foothold in Europe.”