Deutsche Boerse has acquired FX trading platform 360T, making it the latest European exchange operator to enter the currency market.
The deal values 360T, which was set up in 2000 and has seen double digit revenue growth since, at €725 million.
The platform caters to a variety of market participants, including corporates, buy-side firms and banks. Deutsche Boerse said the acquisition will enable 360T to continue its organic growth.
Additionally, combining the two businesses will create significant synergies worth double-digit millions in efficiency savings.
The deal is being financed with a combination of debt and equity and remains subject to regulatory and competition authority approval.
Earlier this year, BATS Global Markets acquired Hotspot FX, another independent foreign exchange platform. At the time BATS said it wanted to benefit from the huge growth in FX trading.