R.J. O’Brien & Associates (RJO), the oldest futures brokerage and clearing firm in the United States, announced that its parent company has reached a definitive agreement with StoneX Group Inc., to merge all of RJO’s global businesses into StoneX, subject to regulatory approvals and customary closing conditions. Upon the closing of the transaction, anticipated in the third quarter of this year, the combined firm will become a leading futures commission merchant (FCM) in the U.S., enhancing its role in the global financial market structure.

StoneX is a Fortune 100 company with operations in six continents and a market capitalization of over $3.5 billion. Privately held R.J. O’Brien has offices and affiliates in North America, Europe, the Middle East and Asia.

Sean O’Connor, Executive Vice-Chairman of StoneX, said: “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. Combining R.J. O’Brien’s extensive client network and proven clearing capabilities with StoneX’s deep liquidity, innovative OTC hedging solutions and leading risk management infrastructure, we are well-positioned to continue to deliver exceptional services, broader market access and industry-leading solutions to our combined client base. We are very pleased that Gerry Corcoran, who has been the CEO and driving force behind RJO, will continue on with StoneX in a senior leadership role.”

RJO Chairman and CEO Gerry Corcoran said: “We’re extraordinarily excited about this partnership between two great companies that each bring over a century of history in the futures industry and complementary capabilities, products, services and cultures. We both prioritize a profound commitment to our clients and a focus on prudent risk management. RJO’s clients will continue to enjoy the same enduring relationships with the brokers they know so well and the high level of service they know they can expect from us. In addition to all the products we offer today, our clients and brokers will have a plethora of new products and services across asset classes available at their fingertips, bringing meaningful new trading and hedging opportunities. At the same time, our organization will benefit from new efficiencies, premier technologies and greater growth potential.”

Speaking on behalf of the O’Brien family, the majority shareholders in RJO, Board member Bob O’Brien, Jr. said: “This transaction is the right step to take for all of our stakeholders to ensure we carry on the values that have made the firm successful while putting us in the strongest position to compete and meet the challenges of the evolving financial landscape. StoneX was founded just 10 years after my grandfather, John V. McCarthy, started our firm in 1914. Like RJO, it was one of the earliest clearing members of the Chicago Mercantile Exchange. So many of our family members have been privileged to lead the company and provide guidance and counsel. We feel so close to our clients, brokers and employees; they’re extended family to us. 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.”

RJO Board member John O’Brien, Jr. said: “My father, John O’Brien, Sr. – and his father before him, Robert J. O’Brien, Sr. – led the firm to new heights. My dad worked harder than anyone I have ever met, and his focus on integrity and profound impact on the business were matched only by how much he loved to talk about and spend time with RJO’s clients, brokers and amazing employees. He would be the number one advocate for this transaction because it makes so much sense for all of our stakeholders – from employees and brokers to clients and shareholders. My father always said, ‘If you’re not growing, you’re dying.’ Gerry has done an incredible job leading the company and driving growth for over two decades while remaining true to our family’s principles. He found just the right home for us with StoneX. Both RJO and StoneX have remained leaders in the industry, evolving with the times and expanding to ensure clients were best served. Moving forward together is the best way to stay a leader in this space and operate at an even higher level.”

Broadhaven Capital Partners is serving as exclusive financial advisor to RJO, and Mayer Brown LLP is serving as its legal advisor.

Source: R.J. O’Brien

StoneX to Acquire R.J. O’Brien, Creating a Market Leader in Global Derivatives

• Transformational acquisition strengthens StoneX’s position as a leading Futures Commission Merchant (FCM) with a premier global derivatives platform
• R.J. O’Brien is the oldest futures brokerage in the United States, founded in 1914
• Firms share a complementary focus on client service and prudent risk management
• Transaction adds over 75,000 clients and grows StoneX client float to over $13 billion
• Cross-sell opportunities will drive material revenue synergies, particularly in over-the-counter (OTC) derivatives, physical commodity trading, and fixed income products
• Acquisition expected to enhance margins, EPS, and return on equity
• Consolidation of operations expected to drive more than $50mm in expense synergies and unlock at least $50mm in capital synergies

StoneX Group announced that it has entered into a definitive agreement to acquire R.J. O’Brien (“RJO”), the oldest futures brokerage in the U.S., for an equity value of approximately $900 million. The purchase price will be paid in a combination of cash and shares of StoneX common stock. StoneX will also assume up to $143 million of RJO debt. The acquisition significantly strengthens StoneX’s position as a leading FCM and enhances its role as an essential part of the global financial market structure, offering institutional grade execution, clearing, custody, and prime brokerage across all asset classes.

With over 110 years of futures and clearing expertise, RJO, through its FCM and global affiliates, supports over 75,000 client accounts and serves the industry’s largest global network of introducing brokers (“IBs”), as well as commercial and institutional clients, and individual investors.

As a result of the acquisition, RJO’s clients will benefit from StoneX’s extensive range of markets, products, and services, including an expansive over-the-counter (“OTC”) hedging platform, physical commodities hedging, financing, and logistic services, as well as access to deep liquidity across fixed income products.

The acquisition expands StoneX’s client float by nearly $6 billion, adds nearly 300 IBs to its network, and is projected to increase cleared listed derivatives volume by ~190 million contracts annually.

RJO brings an attractive financial profile to StoneX, having generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024.

Sean O’Connor, Executive Vice-Chairman of StoneX, commented on the transaction: “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. Combining R.J. O’Brien’s extensive client network and proven clearing capabilities with StoneX’s deep liquidity, innovative OTC hedging solutions, and leading risk management infrastructure, we are well-positioned to continue to deliver exceptional services, broader market access, and industry-leading trading solutions to our combined client base. We are very pleased that Gerry Corcoran, who has been the CEO and driving force behind RJO, will continue on with StoneX in a senior leadership role.”

Gerry Corcoran, Chairman and CEO of RJO, spoke to the significance of the deal: “We’re extraordinarily excited about this partnership between two great companies that each bring over a century of history in the futures industry and complementary capabilities, products, services, and cultures. We both prioritize a profound commitment to our clients and a focus on prudent risk management. In addition to all the products we offer today, our clients and brokers will have a plethora of new products and services across asset classes available at their fingertips, bringing meaningful new trading and hedging opportunities. At the same time, our organization will benefit from new efficiencies, premier technologies, and greater growth potential.”

Financing, Balance Sheet Impact, and Approvals

StoneX is acquiring RJO for approximately $900 million in equity value, comprised of $625 million in cash and approximately 3.5 million shares of StoneX common stock, each subject to customary purchase price adjustments. StoneX has obtained fully committed bridge financing for the cash portion of the consideration and plans to issue approximately $625 million of long-term debt prior to the closing date.

The transaction is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions.

Advisors

Bank of America is acting as exclusive financial advisor to StoneX and is providing committed debt financing for the acquisition. Davis Polk & Wardwell LLP is serving as StoneX’s legal counsel. Broadhaven Capital Partners is acting as exclusive financial advisor to RJO, and Mayer Brown LLP is serving as its legal advisor.

Source: StoneX Group