Swissquote acquired ACM
Some background: On October 27, 2010 Swissquote Bank Ltd. announced that it had acquired online Forex firm ACM. This followed on the heels of new rules in Switzerland governing retail Forex, in which firms offering Forex trading were required to apply for a full banking license. Not surprisingly, several of the smaller Forex firms in Switzerland subsequently either closed shop, moved outside the country, or sold out to one of the larger firms – notably ACM, Dukascopy and MIG. While MIG and Dukascopy each received a Swiss bank license, ACM was denied, leading to its sale to Swissquote.
At the time of the acquisition, the parties agreed not to disclose the acquisition price or terms. The only piece of financial data released was that ACM had earned revenues of CHF 27 million (approximately $28 million) in the first nine months of 2010.
Swissquote acquired ACM Conclusion
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