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LONDON - IG Group Holdings plc (LSEG:IGG) announced Friday it has agreed to acquire Independent Reserve, an Australian cryptocurrency exchange, for an initial enterprise value of A$178.0 million (£86.8 million).
The transaction will give the FTSE 250 company immediate access to cryptocurrency markets in Australia and Singapore, accelerating its entry into the Asia Pacific region. Independent Reserve offers trading in 34 digital assets in multiple currencies to retail and institutional customers.
Under the deal terms, IG will initially acquire 70% of Independent Reserve for A$109.6 million (£53.4 million), excluding the expected share of acquired surplus cash of A$8.4 million (£4.1 million). An additional payment of A$15.0 million (£7.3 million) is contingent on performance in fiscal year 2026.
IG also secured a call option to purchase the remaining 30% stake based on performance in fiscal years 2027 and 2028. The transaction is subject to regulatory approvals in Singapore and Australia, with completion expected in early 2026.
Independent Reserve reported revenue of A$35.3 million (£17.7 million) for the 12 months ending June 30, 2025, representing 88% growth from the previous fiscal year. The company had approximately 11,600 average monthly active customers during this period.
"This acquisition marks an important step in IG’s crypto strategy in a key region," said Matt Macklin, Managing Director of Asia Pacific & Middle East at IG, according to the press release.
The acquisition complements IG’s recent organic expansion in cryptocurrency offerings. In May 2025, the company launched spot crypto trading in the UK with 35 coins. In the US, its tastytrade platform has expanded to 23 coins and enabled stablecoin account funding.
IG expects the acquisition to be cash EPS accretive in the first full financial year post-closing and achieve a return on invested capital exceeding the Group’s weighted average cost of capital in years three to five.
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