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20 April 2017, 06:15 | Kelvin Horton
Virtu Financial Agrees to Purchase KCG Holdings
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.
High-speed electronic trading firm Virtu Financial Inc said it would buy rival KCG Holdings Inc in a $1.4 billion deal, helping Virtu bolster its businesses that have softened under reduced market volatility.
Virtu will purchase the company for $20 per share, a 13% premium over KCG's closing price on Wednesday.
Facing such headwinds, Virtu has proved more resilient than KCG, whose key market-making business lost money in the last two quarters of 2016.
HFTs use sophisticated technology and algorithms to trade stocks and other assets at near-light speed and are responsible for around half of the volume in USA equities and Treasuries, and almost that in spot foreign exchange.
Shares of Virtu also climbed about 7 percent in premarket trading Thursday on this news.
The deal, which was unanimously approved by Virtu's board of directors, is expected to close during the third quarter this year, the companies added.
JPMorgan Securities LLC will provide up to $1.65 billion of debt financing for the deal.
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