International Assets acquires FCStone Group in all-stock transaction

By Lisa Kerner

Charlotte, N.C., Oct. 1 - International Assets Holding Corp. completed its acquisition of FCStone Group, Inc.

The companies have a combined market value of approximately $285 million, according to an International Assets news release.

FCStone shares ceased trading on the Nasdaq Global Select Market on Wednesday, and International Assets shares will continue to trade on Nasdaq under the symbol "IAAC."

Shareholders of International Assets and FCStone approved the merger on Sept. 25.

FCStone will operate as an independent business unit of International Assets, maintaining its bases of operations in Kansas City, Mo., and West Des Moines, Iowa.

Pete Anderson, FCStone chief executive officer, will become president and a director of International Assets.

"The new International Assets will be a company that is better positioned to take advantage of market opportunities and access to capital sources," International Assets CEO and director Sean O'Connor said in the release.

In July, International Assets and FCStone announced they would combine in an all-stock deal to create a combined company with a market capitalization of approximately $260 million.

As previously reported, FCStone common shareholders will receive 0.295 of a share of International Assets common stock for each share they own.

FCStone is a Kansas City, Mo.-based commodity risk management firm.

Based in Altamonte Springs, Fla., International Assets is a financial services company focused on international securities and the commodities markets.

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