IGGHY - IG Group-tastytrade complete $1B partnership

U.K.'s IG Group Holdings ([[IGGHY]]) and Chicago-based online brokerage and investor education platform tastytrade Inc. completed their $1B partnership. The transaction consists of $300M in cash and the issuance of 61M new ordinary shares in IG Group to tastytrade shareholders.IG Group said the partnership expands the scale and relevance of its existing U.S. business while the company's global reach provides tastytrade with a platform for international expansion. The companies said the management teams for IG and tastytrade will remain in place.Key tastytrade management shareholders, consisting of tastytrade Co-CEO Tom Sosnoff, tastytrade Co-CEO and President Kristi Ross, tastyworks CEO Scott Sheridan and tastytrade CTO Linwood Ma joined the IG Group senior leadership team and will continue in their current roles; they will collectively own about 5.7% of the enlarged share capital of IG Group. "This transaction marks an important milestone in the delivery of IG’s growth strategy, diversifying our product offering and significantly strengthening our global footprint," said IG Group's CEO June

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IG Group-tastytrade complete $1B partnership