Squire Patton Boggs has advised LMAX Group, the leading independent operator of institutional execution venues for FX and cryptocurrency trading, on its agreement to sell a 30% stake in the company to J.C. Flowers & Co. LLC, a leading private investment firm dedicated to investing globally in the financial services industry, for a cash consideration of $300 million valuing LMAX Group at $1 billion. The transaction remains subject to regulatory approval.
The Squire Patton Boggs team was led by corporate partner James McKay and senior associate Josh Fitzpatrick in London.
Headquartered in London, LMAX Group is a global financial technology company and the leading independent operator of multiple institutional execution venues for FX and cryptocurrency trading. LMAX Group operates five exchanges globally, matching engine infrastructure in London, New York and Tokyo with clients in over 100 countries. Over the last decade the Group has built a leading institutional FX exchange and in 2018 launched LMAX Digital which has become the leading institutional spot cryptocurrency exchange, serving over 500 institutional clients and is the second largest bitcoin exchange globally.
“We are pleased to have advised the LMAX Group on this important investment, which marks the latest milestone in the evolution of the company,” commented James McKay. “LMAX Group is a much valued client whom we have been proud to support over the last decade.”