Broker ThinkMarkets to become a public company
Broker ThinkMarkets to become a public company
Broker ThinkMarkets and FG Acquisition Corp, a Canadian Special Purpose Acquisition Company (SPAC), have announced that they have agreed to merge their businesses, with ThinkMarkets becoming a public company.
The Co-Founder and Head of ThinkMarkets is expected to become CEO of the newly merged company, and Faizan Anees will become its President.
According to the Finance Magnates website, ThinkMarkets is valued at $160 million, with an estimated preliminary enterprise value of approximately $190 million.
Under the terms of the agreement, ThinkMarkets will become a subsidiary wholly controlled by FG Acquisition, whose shareholders will own a majority of the issued and outstanding common shares.
According to its most recent financials, ThinkMarkets has a base of 138,500 clients from 165 countries. The broker had a compound annual growth rate of 24%, and revenues reached $62 million in 2022.
This is also the third recent attempt for broker ThinkMarkets to go public through a merger with a SPAC, while the previous two attempts ended in failure.
We previously reported that iS Prime and ThinkMarkets had reached an agreement on a long-standing dispute.
ThinkMarkets, a brokerage company, was launched in 2010 and has been offering Forex and CFD trading services around the world ever since. ThinkMarkets is duly licensed by the FCA in the UK, ASIC in Australia, CySEC in Cyprus, JFSA in Japan, FSCA in South Africa, and FSA in the Seychelles.
