BUX Financial Services, the UK unit of Netherlands-based BUX, has been sold to Asseta Holding, the parent company of UAE-based investment firm APM Capital. Announced today (Tuesday), the acquisition came after ABN AMRO completed the acquisition of BUX’s Netherlands operations, which is operating as a neo-broker.
Regulated by the Financial Conduct Authority (FCA), the UK unit of BUX offers contracts for differences (CFDs) and financial spread betting services to retail and professional clients under the brand BUX Markets. The acquisition did not come as a surprise, as BUX had already revealed its plans to sell the business last year.
Months ahead of the acquisition deal, BUX Markets closed its operations for “re-evaluating its product offering.”
A screenshot of the website of BUX Markets
“We are in the process of divesting all the remaining regulated subsidiaries of BUX Holding,” said Yorick Naeff, CEO of Netherlands-based BUX Holding. “With the sale of the Netherlands, and now the UK-based business, only the Cyprus-based business remains.”
BUX also offered CFDs trading under its Cyprus-registered entity. Similar to BUX Markets, the Cypriot entity closed its CFDs platform, branded as Stryk, and transferred the customer accounts to AvaTrade. The Cyprus-registered entity, BUX Europe Limited, still holds a Cyprus Investment Firm (CIF) licence.
Regarding the acquisition, BUX Financial Services’ CEO, Salim Sebbata, said: “This acquisition marks a new chapter for BFS, one that promises growth and delivery of innovative financial solutions to our clients. APM Capital’s reach and robust resources will undoubtedly elevate our capabilities and market presence.”
Expansion Efforts of Asseta Holding
The latest press release detailed Asseta Holding’s acquisition of BUX Financial Services as a strategic step toward its ongoing international expansion. Furthermore, it has expanded APM Capital’s investment portfolio.
However, the companies did not disclose the terms and financials of the acquisition deal.
“The UK market is a crucial component of our expansion strategy, and BFS’s strong reputation and client-centric approach align perfectly with our vision,” said Disha Rajdev, Co-Founder of APM Capital. “We look forward to working closely with the talented team at BFS to drive growth and deliver exceptional value to our clients.”
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