StoneX Bolsters Derivatives Market Presence with $900M Deal for R.J. O’Brien

StoneX has acquired R.J. O’Brien (RJO), the oldest U.S. futures brokerage, founded in 1914, for approximately $900 million. The deal comprises $625 million in cash, 3.5 million StoneX shares, and the assumption of up to $143 million in RJO debt.

This acquisition bolsters StoneX’s standing as a top Futures Commission Merchant (FCM), adding over 75,000 client accounts and increasing its client float to over $13 billion. RJO reported $766 million in revenue and about $170 million in EBITDA for 2024.

The deal is expected to deliver over $50 million in expense synergies, at least $50 million in capital synergies, an annual increase of roughly 190 million contracts in cleared listed derivatives volume, and nearly 300 introducing brokers to StoneX’s network.

RJO’s chairman and CEO, Gerry Corcoran, who has led the firm for over 20 years, will continue in a senior leadership role at StoneX. He described the merger as a logical evolution, preserving client relationships while expanding access to new products and platforms.

The transaction marks a transition for the O’Brien family, long-time majority shareholders of RJO, who will become significant StoneX shareholders. The deal is slated to close in the second half of 2025.

Bank of America is acting as 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 financial advisor to RJO, and Mayer Brown LLP is serving as its legal advisor.