StoneX to acquire R.J. O'Brien in roughly $900 million cash-and-stock deal
StoneX signed a merger agreement on April 13, 2025 to acquire R.J. O'Brien, the futures brokerage, for an equity value the press release puts at approximately $900 million. The cash portion is $625 million, with the rest paid in StoneX common stock, and the company plans to finance the cash through capital markets transactions and committed Bank of America facilities. Shareholders face a new cash outlay, share issuance and debt, and the deal is expected to close in the second half of 2025, subject to regulatory approvals.
Key points
- Merger consideration: $625 million in cash, subject to adjustment, plus StoneX common stock valued at $275 million based on a volume-weighted average price with a ceiling and floor tied to $77.50
- Bank of America committed a 364-day bridge loan of up to $625 million and a backstop revolving credit facility of up to $500 million
- StoneX will also assume up to $143 million of RJO debt, per the press release
- Expected close in the second half of 2025, subject to regulatory approvals and customary conditions
The filing
Written by AI on Nov 8, 2026, 12:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 14, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.