Virtu Financial, Inc. (NASDAQ:VIRT) has just completed its acquisition of Investment Technology Group, Inc. (NYSE:ITG) in a cash transaction valued at $30.30 per ITG share, or a total of approximately $1.0 billion.
Virtu Financial has entered into a definitive agreement to acquire Investment Technology Group back in November 2018.
Douglas Cifu will continue to serve as Virtu’s Chief Executive Officer and Joseph Molluso will remain Virtu’s CFO.
Virtu has already highlighted 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
Over the past four months, the dedicated leadership teams of both firms have developed a detailed integration plan. In the coming days we will begin to execute that plan to bring Virtu’s leading technology, risk management and operational efficiency to ITG’s array of agency solutions to better serve a global client franchise. We are excited to welcome our new colleagues to execute and deliver on this plan,” said Douglas Cifu, Virtu Financial, Inc. Chief Executive Officer. Mr. Cifu continued, “ITG has a long history of providing clients with superior service and value-added products. We look forward to creating the premier technology-enabled market making and execution services franchise.
Upon completion of this acquisition, Virtu will implement a Client Information Security Program (CISP) with respect to its broker-neutral client offerings (including, but not limited to, Analytics, Workflow Technology, and Commission Management).
Virtu will supplement its existing management team by incorporating existing ITG management globally; namely Robert Boardman in Europe, Michael Corcoran in the Asia-Pacific region and Etienne Phaneuf in Canada.