High-frequency trading firm announced the completion of (ITG) this Friday.
News of the deal was officially released in November of last year.
“Over the past four months, the dedicated leadership teams of both firms have developed a detailed integration plan,” said Virtu CEO Douglas Cifu.
“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.”
As was originally stated back in November, Virtu will be paying approximately $1 billion for ITG – equivalent to approximately $30.30 per share.
“ITG has a long history of providing clients with superior service and value-added products,” continued Cifu. “We look forward to creating the premier technology-enabled market making and execution services franchise.”
Second M&A in two years
Now that the deal has been completed, Virtu will be launching a “Client Information Security Program.”
For those unfamiliar with such programs, its corp-speak for a company providing information to their clients on what their information security policies are or will be.
Virtu said that it will be taking input from its clients to determine what the best standards will be for the company when it comes to information security.
The completion of the ITG deal marks the second large-scale acquisition that Virtu has undertaken in less than two years.
In early 2017, Virtu KCG Holdings for approximately $1.3 billion.
That deal saw Virtu grow into the agency execution business and expanding its existing market making activities.
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