We recognize that this was a valuable asset, however DailyFX is not a critical part of the company. This was an unexpected department of the company to sell, but when the opportunity came along it was something we felt we should take advantage of. This transaction gets FXCM closer to paying off its debt to Leucadia.
$36 million will be paid to FXCM on closing of the deal which is set for the end of October with the additional $4 million to be paid on completion of certain migration requirements. With this transaction FXCM will have made loan payments of $157 million to Leucadia with $153 million outstanding and will have repaid more than half the debt.
FXCM still believes that the current valuations for the remaining assets held for sale will satisfy the remaining debt outstanding to Leucadia. We continue to work hard towards selling our remaining assets held for sale which include our stake in Lucid, V3 and FastMatch.
FXCM strongly believes in the value of education, trading tools and resources, so we take great pride in having built DailyFX.com into one of the most popular forex news portals. Alexa rankings show it is ranked 4th in the world in terms of forex sites ahead of Babypips and even FXCM itself: Alexa - Top Sites by Category: Business/Investing/Commodities and Futures/Forex
With over a dozen analysts providing detailed market analysis 24 hours a day and averaging over 30 live webinars a week, we believe DailyFX will continue to be a top resource for traders.