UK online broker EO has announced that it is to acquire two-year old Swedish rival EPO for an undisclosed sum. EO specialises in trading the shares of new companies coming to market, and the firms claim that the enlarged group will dominate the online Initial Public Offering (IPO) share distribution arena.
The move ends competition between the two companies, last seen when both offered Deutsche Post shares into the retail market. John St John, EO's chief executive officer, said of the deal: ' The acquisition is beneficial to both our customers and our partners in terms of increased product and broader distribution. The synergies between the two businesses will both increase revenue and minimise costs, allowing us to consolidate our position as Europe’s number one player in this rapidly evolving market.'
The move follows EPO’s merger attempt with German online distribution platform Virtuelles Emissionshaus (VEM), which was aborted in October due to disagreements over the combined company’s future.
Ola Lauritzon, CEO of EPO, said of the company's tie-up with its UK counterpart: 'EPO was founded in 1998, the market has grown rapidly and the time is right for the emergence of one clear leader. This deal makes our combined business that market leader and I look forward to working with the team to further grow the business to take advantage of the ever increasing demand for new issue investment opportunities from the retail market.'
The combined company will be called EO and will have a customer base of over 175,000.
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