Argentex Agrees to IFX Payments Takeover, CEO Resigns
(Reuters) -British currency risk management company Argentex said on Friday it has struck a deal to be taken over by cross-border payments provider IFX Payments as it navigates a liquidity crisis, and that its CEO had left the company.
UK-based IFX will pay 2.49 pence per Argentex share to acquire the company, valuing Argentex at about 3 million pounds ($4 million), the two companies said. IFX has also provided Argentex with secured bridge funding of about 6.5 million pounds.
Argentex appointed Chief Operating Officer Tim Rudman as interim CEO to replace Jim Ormonde who had left with immediate effect, the company said.
London-listed Argentex is one of the first known casualties of an extended bout of turbulence in global financial markets brought on by escalating trade tensions stemming from U.S. President Donald Trump's tariff policies.
Argentex's shares have been suspended from trading since April 22 following sharp falls in the U.S. dollar that squeezed its finances, as Trump's tariffs and criticism of Federal Reserve Chair Jerome Powell spooked investors into dumping U.S. assets.
Argentex said that it was in discussions with IFX over further liquidity support in the near term before the acquisition becomes effective.
It added that its directors unanimously intend to recommend the acquisition.
($1 = 0.7507 pounds)
(Reporting by Simone Lobo, Dhanush Vignesh Babu, and Raechel Thankam Job in Bengaluru; Editing by Mrigank Dhaniwala and Susan Fenton)
