Guru Capital, a private equity firm in Switzerland, has finalized the acquisition of ETX Capital. Guru Capital received official approval for the deal from the Cypriot regulator. However, the financials of the deal have not been released.
Guru Capital has finally finalized acquiring ETX Cyprus, also known as Monecor (Europe) Ltd. In the announcement released by the two companies on Monday, the deal had received the green light from the Cypriot regulator.
This new acquisition shows that Guru Capital is focused on increasing its market presence. Before this acquisition, Guru Capital had previously acquired the London-based ETX Capital firm. ETX Capital is a CFD and financial spread-betting provider. The deal for this acquisition was finalized in October last year.
Expanding into the European market
Guru Capital is set to establish a strong market presence in Europe. To achieve this, the firm will start offering brokerage services to European countries. After the Brexit deal, Guru Capital can no longer use its London market to reach other European countries, so it is looking into new acquisitions.
ETX Cyprus will now be the new base of operations for its operations in the 27 European country blocs. The firm is planning to start plans to secure a large customer base in a matter of weeks. Based on the increased volume of trading activities in Europe and other countries, the new headquarters for Guru Capital in Europe will be operational in a few weeks.
ETX’s Exemplary Performance in the European market
The chief executive of ETX Capital, Philip Adler, commented during the acquisition, stating that he was pleased with their new partnership with Guru Capital. Extending collaboration to ETX Cyprus will give both firms the tools they need to boost their market presence.
Adler also stated that ETX had always been committed to offering the best customer-centric services to their UK market. By joining hands with ETX Cyprus, the firm will manage to achieve its vision for the European market. ETX Cyprus would now be responsible for handling all their European market and spearhead expansion.
The managing partner for Guru Capital, Ryan Nettles, stated that the ETX platform offered innovative features that allowed user-friendliness and diversifications with more than 5000 trading assets.
ETX’s performance in 2021 was impressive. The firm recorded a 49% increase in its trading revenues for the 2021 financial year. Besides, the firm also recorded a jump in average trades per client and spread per trade. The number of processed transactions also surged by 32% compared to 2019.