Virtu to maintain the separate legal identities of ITG’s client-facing broker dealers

Virtu Financial

Virtu Financial, Inc. (NASDAQ:VIRT) has entered into a definitive agreement to acquire Investment Technology Group, Inc. (NYSE:ITG) back in September 2018. The company has agreed to acquire ITG in a cash transaction valued at $30.30 per ITG share.

September 2018 was definitely a good month for the company, as it has prepaid another $74 million on its KCG acquisition term loan facility and later completed the acquisition, repricing and prepayment.

Earlier today, Virtu has provided an update regarding ITG’s acquisition, highlighting that:

  • Certain key regulatory approvals required to consummate the transaction have been obtained
  • Upon successful completion of the merger, Virtu intends to maintain the separate legal identities of ITG’s client-facing broker dealers
  • Post-closing, Virtu intends to continue to maintain and enforce appropriate information barriers to segment and protect sensitive client data
Douglas A. Cifu

Douglas A. Cifu

The dedicated professionals at ITG and Virtu are working hard to prepare for this significant transaction,” said Douglas Cifu, Chief Executive Officer of Virtu Financial. “We continue to receive positive feedback from clients and prospects regarding the combination, and we look forward to joining the key strengths of the two firms to deliver a broad suite of global, cross asset and impactful technology and trading services to clients.

The transaction is expected to close during the first quarter of 2019 after receipt of ITG shareholder approval and all required regulatory approvals. All proposals submitted to a vote of ITG’s stockholders that are necessary for the completion of the transaction were approved at ITG’s special meeting held January 24, 2019.

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