March 2006 - FXall agrees to sell 20% stake to TCV
REVIEW OF THE YEAR
The FXall board agreed to sell the stake to TCV rather than the other front-running firm, General Atlantic, at a meeting held in the week of March 6, according to market sources. General Atlantic has already been active in the FX space, most recently buying a 25% stake in forex specialist firm SaxoBank for $126.5 million last year.
It is believed that part of the capital from the sale would be used to pay down some of the existing investors on a pro rata basis. FXall was owned by 17 banks
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