StoneX Group Inc. announced it has entered into a definitive agreement to acquire R.J. O'Brien, the oldest futures brokerage in the United States, for approximately $900 million in cash and stock. The company will also assume up to $143 million of RJO debt.
The purchase price includes $625 million in cash and approximately 3.5 million shares of StoneX common stock. The deal is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions.
The acquisition significantly strengthens StoneX's position as a leading futures commission merchant (FCM) and expands its client base. RJO brings approximately 75,000 client accounts and nearly 300 introducing brokers to StoneX's network.
"This is a transformational transaction for StoneX," said Sean O'Connor, Executive Vice-Chairman of StoneX. "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."
RJO generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024. The acquisition is expected to increase StoneX's cleared listed derivatives volume by approximately 190 million contracts annually.
