StoneX Buys R.J. O'Brien for $900 Million, Gains 300 IBs, Adds $6 Billion Client Float

StoneX Group Inc. SNEX shares traded higher premarket on Monday after the company disclosed a deal to acquire R.J. O’Brien for an equity value of around $900 million.

Financial Details: The acquisition cost consists of $625 million in cash and approximately 3.5 million shares of StoneX common stock, both of which are subject to standard purchase price adjustments.

To finance the cash portion, StoneX has secured fully committed bridge financing and intends to issue roughly $625 million in long-term debt ahead of the closing. StoneX will also assume up to $143 million in RJO’s debt.

Transaction Details: R.J. O’Brien operates a large network of introducing brokers (IBs), serving commercial, institutional, and individual clients and supports over 75,000 client accounts through its FCM and global affiliates.

This acquisition significantly bolsters StoneX’s standing as a top futures commission merchant (FCM) and enhances its role in the global financial ecosystem. It also expands StoneX’s capabilities in execution, clearing, custody, and prime brokerage services across all asset classes.

Pending regulatory approvals and customary closing conditions, the deal is anticipated to be finalized in the third quarter of 2025.

Synergy: The deal will increase StoneX's client float by nearly $6 billion, bring in around 300 additional IBs, and is expected to boost its annual cleared listed derivatives volume by approximately 190 million contracts.

Notably, in 2024, RJO generated $766 million in revenue and around $170 million in EBITDA.

Sean O’Connor, executive vice-chairman of StoneX, said, “Combining R.J. O’Brien’s extensive client network and proven clearing capabilities with StoneX’s deep liquidity, innovative OTC hedging solutions, and leading risk management infrastructure, we are well-positioned to continue to deliver exceptional services, broader market access, and industry-leading trading solutions to our combined client base.”

As of December 31, 2024, StoneX’s cash and cash equivalents stood at around $1.40 billion.

Investors can gain exposure StoneX via Motley Fool Mid-Cap Growth ETF TMFM and Motley Fool Small-Cap Growth ETF TMFS.

Price Action: SNEX shares are up 2.58% at $77.50 premarket at the last check on Monday.

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