Trading firm Virtu Financial eyeing brokerage ITG - Bloomberg
Oct 4 (Reuters) - High-speed trading firm Virtu Financial Inc is looking to buy independent brokerage Investment Technology Group Inc, Bloomberg reported https://www.bloomberg.com/news/articles/2018-10-04/virtu-is-said-to-pursue-takeover-of-investment-technology-group on Thursday, citing people familiar with the matter.
Shares of ITG jumped 20.3 percent to a record-high of $26.55, while those of Virtu gained 10 percent to $22.73.
ITG had a market capitalization of about $727 million, as of Wednesday close.
Virtu, which bought rival KCG Holdings Inc for about $1.4 billion last year, is working with a financial adviser, according to the report.
The companies have been holding talks, though no decision has been made, Bloomberg reported.
Virtu and ITG declined to comment when contacted by Reuters. (Reporting by Soundarya J in Bengaluru; Editing by Sriraj Kalluvila)
