LONDON Private equity firms Palamon Capital Partners and Corsair Capital have jointly acquired Currencies Direct, a provider of foreign exchange and international payment services, in the latest consolidation in the sector.
The deal value exceeds 200 million pounds ($310 million), and the transaction is expected to close by year-end subject to regulatory approvals, the companies said in a joint statement.
Last month Deutsche Boerse (DB1Gn.DE) said it would buy the Germany-based foreign exchange trading platform 360T for $796 million. 360T is one of a handful of multi-bank, multi-user platforms that have revolutionized foreign exchange trading over the past decade.
Currencies Direct's Private FX segment provides foreign exchange services to more than 150,000 registered retail clients while its corporate FX segment offers foreign exchange services to small- to medium-sized enterprise clients.
(Reporting by Anirban Nag; editing by Susan Thomas)