FXCMInc. agreed to sell its news and research website, DailyFX, toIG Group Holdings Plcfor $40 million.
"While DailyFX is a high quality asset and was not atargeted asset to sell, the opportunity came along and it was something we feltwe should take advantage of," FXCM CEO Drew Niv said in a statement.
The deal is subject to IG Group's final approval and closingconditions and is expected to close by the end of October.
Upon closing, IG Group will receive the entire DailyFXbusiness including all international and domestic web domains, source code andcontent. All employees working on DailyFX domains will also move to IG Group.
FXCM will continue to be an advertiser to U.S. and Canadianresidents on the English version of the website.
FXCM will receive $36 million in cash on closing and theadditional $4 million on completion of certain migration requirements. Atransition period for migration purposes will begin immediately once the dealcloses.
FXCM will use the proceeds from the sale to repay debt toLeucadia National Corp.Following the IG Group deal, FXCM will have repaid $157 million to Leucadiawith $153 million outstanding.
"At this time, we do not plan on selling any otherretail FX assets and believe the remaining assets held for sale satisfy theremaining debt outstanding to Leucadia," Niv said.