IG Group Holdings plc (IGG.L), a financial services company, Friday said it has agreed to acquire Independent Reserve, a cryptocurrency exchange based in Australia, for an initial enterprise value of A$178 million.
The acquisition is expected to add to the company's earnings in the first full financial year after closing and to deliver a return on invested capital above its weighted average cost of capital within three to five years.
Independent Reserve generated revenue of A$35.3 million in the 12 months to June 30, 2025, up 88% from the prior fiscal year, while EBITDA for the period came in at A$9.9 million.
Independent Reserve trades 34 digital assets in multiple currencies and is licensed in Australia and Singapore. The deal gives IG access to these markets and potential expansion into Asia-Pacific and the Middle East.
IG Group will buy an initial 70% stake in Independent Reserve for A$109.6 million, excluding its expected share of A$8.4 million in surplus cash. A further A$15 million may be payable subject to the exchange's fiscal 2026 performance, taking the total consideration for the stake to A$124.6 million. IG also holds a call option to acquire the remaining 30% stake with the valuation to be determined by Independent Reserve's performance in fiscal 2027 and fiscal 2028.
The transaction is expected to close in early 2026.
Matt Macklin, Managing Director of Asia Pacific & Middle East at IG, commented, "This acquisition marks an important step in IG's crypto strategy in a key region. Independent Reserve is one of Australia's largest and fastest-growing digital asset exchanges with established regulatory foundations, proven technology and strong leadership."
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