Virtu Financial on Thursday said it agreed to acquire and KCG Holdings in an all-cash deal valued about $1.4 billion.
The deal comes at a hard time for high-frequency traders, which use powerful computers to buy and sell securities in fractions of a second.
The deal comes a little over a month after Virtu Financial Inc. confirmed making a $1.33 billion offer for KCG.
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Virtu Financial said it would buy rival KCG Holdings in a $1.4 billion deal that brings together two major players in the USA electronic trading space.
"After a thorough evaluation, KCG's Board of Directors concluded that the proposal from Virtu provides compelling value for KCG's stockholders", KCG Chairman Charles Haldeman said in a statement.
Virtu will purchase the company for $20 per share, a 13% premium over KCG's closing price on Wednesday. It is also at the top of the range (18.50 to 20 USD) proposed by Virtu when the company made an unsolicited bid on 15 March 2017.
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Virtu said it expects to migrate trading of the combined company onto a single platform. Low volatility in United States stocks, combined with rising costs for technology and market data, have squeezed the industry's profits. Virtu expects the deal, which is seen closing during the third quarter, to eventually boost earnings per share by 25%.
JPMorgan Securities was the lead financial adviser to Virtu, while KCG was advised by Goldman Sachs.
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