Virtu Financial, Inc., a high-speed buying and selling agency, has revealed an replace on its acquisition of unbiased dealer Investment Technology Group, Inc. (ITG), which is price round $1 billion, this Friday.
As Finance Magnates reported, Virtu formally introduced its intention to amass ITG again in November of 2018. As a part of the settlement, the buying and selling agency will purchase all excellent shares of ITG’s Common Stock for $30.30 per share in money.
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Virtu initially anticipated the transaction would shut within the first half of 2019, nonetheless, right this moment the corporate has narrowed that deadline to the primary quarter of this 12 months, after regulatory approvals have been obtained.
Furthermore, the high-speed buying and selling agency additionally disclosed that it has already obtained among the obligatory approvals wanted to consummate the transaction, nonetheless, the corporate didn’t present particulars as to which regulators it had obtained the go-ahead from.
Source: Financial News
Commenting on the deal, Douglas Cifu the Chief Executive Officer of Virtu Financial stated: “The devoted professionals at ITG and Virtu are working arduous to arrange for this important transaction. We proceed to obtain optimistic suggestions from purchasers and prospects relating to the mix, and we sit up for becoming a member of the important thing strengths of the 2 companies to ship a broad suite of world, cross asset and impactful know-how and buying and selling companies to purchasers.”
ITG stockholders approve Virtu acquisition
On January 24, 2019, all proposals of the deal have been submitted to a vote of ITG’s stockholders, a step that was obligatory to be able to full the acquisition. As the dealer introduced beforehand, the transaction was authorised on the assembly.
Rumors of the acquisition first popped up in October when Virtu and ITG have been in talks, however no concrete deal had been made. This noticed ITG shares spike to their highest ranges since April of 2015.
Once ITG has been efficiently acquired, Virtu intends to take care of the separate authorized identities of the dealer’s client-facing broker-dealers, the assertion stated.