IIROC approves CVC acquisition of OANDA (Canada) Corporation

Maria Nikolova

The effective date of the transaction is October 15, 2018.

More than five months have passed since online trading services provider OANDA announced it had accepted an offer from a wholly-owned subsidiary of CVC Capital Partners (CVC) Asia Fund IV to acquire all of the outstanding equity of OANDA. Back then, the broker said that the deal is subject to customary regulatory approvals.

On Tuesday, October 16th, the Investment Industry Regulatory Organization of Canada published a notice concerning OANDA (Canada) Corporation ULC and the deal with CVC. The notice informs the public of regulatory clearance gained by the deal.

“The Ontario District Council of the Investment Industry Regulatory Organization of Canada has approved a change in control of OANDA (Canada) Corporation ULC, whereby CVC Capital Partners, principally through CVC Capital Partners Asia Pacific IV L.P., will indirectly hold a 100% equity interest in OANDA (Canada) Corporation ULC.

The effective date of the transaction is October 15, 2018”.

When the deal was first announced, OANDA said that, under the new ownership of CVC Asia Fund IV, the broker will continue to be led by Chief Executive Officer, Vatsa Narasimha, who was pivotal in the investment from CVC Asia Fund IV and instrumental in growing the business at a CAGR of over 25% since 2015.

Financial details of the deal have not been disclosed.

Earlier this month, OANDA said it had acquired GFM Solutions Group, a risk management and financial reporting company offering cutting-edge software that enables corporate treasury, accounting and finance teams to better manage the impact of currency-related exposure in their business. The purchase marked the first acquisition OANDA has made since being bought by CVC Capital Partners (CVC) Asia Fund IV. GFM is the first in a number of strategic acquisitions that OANDA is looking to complete in the next 18 months following the change of ownership.

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