NEW YORK: StoneX Group Inc. (NASDAQ: SNEX) announced Monday that it has reached a definitive agreement to acquire R.J. O’Brien (RJO), the oldest futures brokerage in the United States, in a deal valued at approximately $900 million. The purchase will be financed through a combination of cash and StoneX common stock, with the company also assuming up to $143 million in RJO debt.
The acquisition strengthens StoneX’s position as a leading futures commission merchant (FCM) and enhances its role in global financial markets by expanding its execution, clearing, custody, and prime brokerage services across asset classes.
Founded more than 110 years ago, RJO operates one of the largest global networks of introducing brokers and supports more than 75,000 client accounts, ranging from individual investors to commercial and institutional clients.
The transaction is expected to bring significant benefits to RJO’s clients, including expanded access to StoneX’s over-the-counter hedging platform, physical commodities hedging, financing, logistics services, and deep liquidity in fixed income markets.
Following the acquisition, StoneX’s client float is expected to grow by nearly $6 billion, and cleared listed derivatives volume is projected to increase by approximately 190 million contracts annually.
StoneX Executive Vice-Chairman Sean O’Connor called the deal “transformational,” saying it positions StoneX as a leading global derivatives clearing firm while reinforcing its role in the financial market structure. “We are very pleased that Gerry Corcoran, who has been the CEO and driving force behind RJO, will continue on with StoneX in a senior leadership role,” O’Connor added.
RJO Chairman and CEO Gerry Corcoran said the partnership combines two firms with deep histories in the futures industry and complementary services. He emphasized that the combined entity would provide clients with expanded trading and hedging opportunities.
StoneX will finance the $900 million purchase with approximately $625 million in cash and 3.5 million shares of its common stock, subject to customary adjustments. The company has secured committed bridge financing and plans to issue long-term debt ahead of the closing.
The deal, which is subject to regulatory approvals and customary closing conditions, is expected to be finalized in the second half of 2025.
Bank of America is advising StoneX on the transaction and providing committed debt financing, while Davis Polk & Wardwell LLP is serving as its legal counsel. Broadhaven Capital Partners is acting as exclusive financial advisor to RJO, with Mayer Brown LLP providing legal services.