New York - Thomson Reuters said it had agreed to buy all of the shares of FX Alliance (FXall), bringing together two companies with complementary customer bases in a deal worth some $623 million.

Thomson Retuers has offered $22 per share and the deal has the unanimous backing of the FXall board. The announcement did not disclose the total value of the purchase, but according to the latest quarterly statement for FXall, the company had 28.3 million common shares outstanding, which at the offer price would mean a total value of $623 million.

"Thomson Reuters and FXall have established leading positions in complementary aspects of electronic FX trading," said Abel Clark, managing director, Marketplaces, Thomson Reuters. "This combination will enable us to provide our customers with integrated management of trades though the entire lifecycle, delivering the benefits of a more streamlined trading process and more efficient execution."

Technology Crossover Ventures, FXall's largest shareholder, Phil Weisberg, chairman and chief executive officer and John Cooley, chief financial officer, collectively own approximately 32.5% of FXall's shares and have all agreed to tender their shares.

Weisberg said FXall will now have a bigger stage from which to drive innovation and growth.

According to the statement, FXall's leading trading and workflow processes are used worldwide by more than 1,300 institutional clients including asset managers, corporations, banks, broker-dealers and hedge funds.

Thomson Reuters expects the acquisition to close in the third quarter.

(Note to subscribers: the value of the deal was initially reported as $463 million due to an incorrect figure for the shares outstanding; this version has corrected those figures.)