Reuters subsidiary Instinet has entered into a definitive agreement to acquire Island ECN, in an all-stock transaction with the aim of creating a global electronic trading platform serving professional traders and institutional investors worldwide. The agreement contemplates that a special dividend of US$1.00 per share will be paid by Instinet to all of its shareholders at a date prior to the closing. Reuters, which currently holds 83% of Instinet’s shares, will receive US$207 million of the planned dividend. On completion of the acquisition, Reuters will hold approximately 62% of Instinet’s enlarged share capital on a fully-diluted basis. Island’s stockholders will own approximately 25% of Instinet’s common stock on a fully-diluted basis, representing a total estimated transaction value of US$508 million, after taking into account the special dividend and based on the US$7.05 closing price of Instinet stock on 7 June 2002.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.