We are advising StoneX on the transaction

Davis Polk is advising StoneX Group Inc. on its acquisition of R.J. O’Brien & Associates (RJO) for an equity value of approximately $900 million, composed of $625 million in cash and approximately 3.5 million shares of StoneX common stock, subject to customary purchase price adjustments. StoneX will also assume up to $143 million of RJO’s debt. 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.

StoneX Group, through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service and deep expertise. Headquartered in New York City and listed on Nasdaq, StoneX Group and its more than 4,600 employees serve more than 54,000 commercial, institutional and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents.

Founded in 1914, R.J. O’Brien & Associates is one of the leading futures brokerage and clearing firms in the United States, serving more than 75,000 institutional, commercial and individual clients globally, in addition to a network of approximately 300 investment banks. The firm offers state-of-the-art electronic trading and 24-hour trade execution on every major futures exchange worldwide.

The Davis Polk corporate team includes partner Leonard Kreynin and associate Katherine Anne Cody. Partner Daniel P. Gibbons is providing capital markets advice. Partner Scott M. Herrig and counsel Roxanne Walton are providing finance advice. Partner Corey M. Goodman is providing tax advice. Partner Kyoko Takahashi Lin is providing executive compensation advice. Partner Frank Azzopardi is providing intellectual property advice. Partner Jesse Solomon is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices. 

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