European stock exchange Euronext NV on Tuesday announced it is expanding into global foreign exchange (FX) markets with the acquisition of electronic trading platform FastMatch Inc.

Amsterdam-based Euronext is buying 90% of New York City-based FastMatch for US$153 million in cash, with FastMatch’s management retaining a 10% stake in the company. The acquisition is being financed through bank debt and is subject to regulatory approvals.

The deal is expected to close in the third quarter, and to be immediately accretive to Euronext’s earnings. The exchange operators says that the deal is in line with its strategy of accelerating growth and diversifying its revenues through bolt-on acquisitions.

FastMatch was launched in 2012 by Credit Suisse and FXCM, and operates co-located trading platforms in London, New York and Tokyo. Its clients include retail brokers, institutions, banks, hedge funds, and proprietary trading firms.

“The acquisition of FastMatch breaks new ground for Euronext, through expansion into the FX market which is the world’s largest traded asset class. This will broaden the spectrum of products we provide to capital market users, whilst meaningfully diversifying our revenue and creating long-term value and growth for customers and shareholders,” said Stéphane Boujnah, chairman and CEO of the managing board of Euronext, in a statement.