Financial services company StoneX has announced a US$900 million deal to acquire R.J. O’Brien, North America’s oldest futures brokerage firm. (All funds in U.S. dollars).
The agreement would see StoneX acquire RJO for $625 million in cash and approximately 3.5 million shares of StoneX common stock. StoneX will also assume up to $143 million of RJO debt.
“This is a transformational transaction for StoneX, establishing us as a leading global derivatives clearing firm and reinforcing our position as an integral part of the global market structure across asset classes,” says Sean O’Connor, executive vice-chairman of StoneX.
According to a news release announcing the deal, RJO supports over 75 thousand client accounts, and serves the industry’s largest network of introducing brokers, who connect investors with larger brokerage firms.
StoneX says the acquisition expands its client float by nearly $6 billion to over $13 billion and is expected to increase StoneX’s volume by around 190 million contracts annually.
RJO reported $766 million in revenue and approximately $170 million in EBITDA in 2024.
StoneX was founded 10 years after RJO in 1914 — both companies were among the earliest clearing members of the Chicago Mercantile Exchange, noted Bob O’Brien, speaking on behalf of the O’Brien family, the majority shareholders in RJO. “This merger is the natural next step in the history of the company, and the O’Brien family is enthusiastic about playing a new role as major shareholders in another great company that will build on that legacy.”
The transaction is expected to close in the second half of 2025, pending regulatory approval.
