Fiinu has announced the proposed acquisition of foreign exchange brokerage Everfex P.S.A. in a transaction valued at up to £12 million. Under the terms of the agreement, Fiinu will issue 80 million new ordinary shares to Granicus Holdings O.Ü, the sole owner of Everfex, at a price of 10 pence per share, equating to an initial consideration of £8 million.

An additional £4 million may be payable if Everfex meets certain performance targets after 1 January 2026. This further consideration would be settled via 20 million new Fiinu shares at 20 pence each. Fiinu also plans to raise approximately £800,000 through a conditional subscription of new shares.

Commenting on the move, Dr Marko Sjoblom, Fiinu’s Chief Executive Officer, said: “The proposed acquisition of Everfex represents a significant step forward in Fiinu’s strategic journey, broadening our presence in the foreign exchange market and strengthening our capabilities in serving SME customers across Europe.”

“My objective, which is linked to my proposed new long-term incentive arrangements, is to increase the Company’s valuation and share price by 1,000% within the next 36 months. The acquisition of Everfex is the first step toward achieving it.”

Expect ongoing updates as this story evolves.

This article was written by Jared Kirui at www.financemagnates.com.Retail FXRead More

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