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Leucadia and FXCM Sign Memorandum of Understanding to Deepen and Extend Partnership
NEW YORK, 2016-03-10 22:15 CET (GLOBE NEWSWIRE) -- Leucadia National Corporation (NYSE:LUK) ("Leucadia") and FXCM Inc. (NYSE:FXCM) ("FXCM") today announced that they have entered into a memorandum of understanding (the "MOU") to amend the terms of their Amended and Restated Credit Agreement (the "Credit Agreement"), and their Amended and Restated Letter Agreement (the "Letter Agreement"), each dated January 24, 2015. The nonbinding MOU remains subject to the execution of definitive agreements and Board and regulatory approvals. Leucadia and FXCM expect to complete the amendment by June 2016.
Principal Changes to the Credit Agreement:
Principal Changes to the Letter Agreement:
Long term incentive program participants shall receive their share of any distributions or sales proceeds while unvested.
Rich Handler, Chief Executive Officer, and Brian Friedman, President of Leucadia, stated: "We are pleased to amend our agreements with FXCM, and affirm our long-term commitment to FXCM and our confidence in FXCM's future in the retail FX market. We believe that our anticipated deal will be beneficial to both companies and solidify Leucadia's role as a long-term partner. The FXCM management team has been essential to building the company into the industry-leading FX brokerage that it is today, we fully support them, and feel that retaining them is vital to FXCM's future success. We are optimistic about what we can achieve together moving forward.
Drew Niv, Chief Executive Officer of FXCM, stated: "Leucadia as a long-term partner in FXCM will be of great benefit to all FXCM stakeholders, clients, and employees, as well as confirm the health and stability of FXCM to our customers. The extension of the Credit Agreement should also help FXCM realize appropriate values for assets we expect to sell, while also allowing us to continue to grow our core business."
Additional Changes to be Anticipated:
About FXCM Inc.
FXCM Inc. (NYSE:FXCM) is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. Our mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market.
Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides free news and market research through DailyFX.com .
Trading foreign exchange and CFDs on margin carries a high level of risk, which may result in losses that could exceed your deposits, therefore may not be suitable for all investors. Read full disclaimer .
Visit www.fxcm.com and follow us on Twitter @FXCM , Facebook FXCM , Google+ FXCM or YouTube FXCM .
About Leucadia:
Leucadia National Corporation (NYSE:LUK) is a diversified holding company engaged through its consolidated subsidiaries in a variety of businesses, including investment banking and capital markets, beef processing, manufacturing, oil and gas exploration and production and asset management. The Company also owns equity interests in businesses that are accounted for under the equity method of accounting, including a diversified holding company, real estate, commercial mortgage banking and servicing, telecommunication services in Italy, automobile dealerships and development of a gold and silver mining project.
Contact:
FXCM
Jaclyn Klein
1-646-432-2463
jklein@fxcm.com
investorrelations@fxcm.com
Leucadia National Corporation
Laura Ulbrandt
1-212-460-1977
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