Exclusive: ABN Amro paid €68 million to acquire neobroker BUX

FNG Unique… FNG has realized from sure sources that Dutch banking large ABN Amro paid €68 million, in money, to acquire Amsterdam based neobroker BUX final 12 months. The events had not but formally launched the phrases of the transaction so far.

BUX shareholders

Many of the buyers in BUX (which included ABN Amro itself) apparently took a loss on the deal, as BUX had raised greater than that quantity in financing since its founding in 2013. In its final financing spherical alone in April 2021, BUX raised $80 million in a Collection C elevate led by Prosus Ventures and Tencent, at a valuation presumably a number of occasions that $80 million determine.

BUX buy value

Regulatory filings point out that of the €68 million BUX buy value, ABN Amro assigned €44 million to Goodwill, attributable to future new enterprise and shopper relationships, in addition to to future enhancements in working effectivity and expertise. ABN Amro acknowledged €9 million in web acquired property, €21 million in intangible property, and likewise picked up a €6 million deferred tax legal responsibility within the deal.

Causes for BUX acquisition

In describing its rationale for buying BUX, ABN Amro indicated that the model may present a robust platform for development, significantly amongst younger, high-income retail buyers within the Netherlands trying to construct wealth. As a part of the acquisition BUX was renamed BUX by ABN Amro, and the corporate plans to proceed to function BUX as a separate entity.

BUX

BUX was based in 2013 and grew to be one in every of Europe’s main neobrokers with 500,000+ purchasers, working throughout eight markets. (Apart from its residence market within the Netherlands, BUX additionally has purchasers from Belgium, France, Germany, Spain, Italy, Austria and Eire.) Nonetheless after exiting the lucrative UK retail trading market, a failed CFDs model launch (Stryk, out of Cyprus), and persevering with losses, ABN Amro stepped in to amass BUX, closing the acquisition in July 2024.