Virtu Financial’s $1 Billion Acquisition of ITG

Jefferies LLC is acting as lead financial advisor to Virtu. Sandler O’Neill + Partners is also acting as financial advisor to Virtu and has provided a fairness opinion. Jefferies Finance LLC and Royal Bank of Canada (“RBC”) have provided committed debt financing for the acquisition. RBC also provided financial advice. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as Virtu’s legal counsel. J.P. Morgan Securities LLC is acting as financial advisor to ITG with Wachtell, Lipton, Rosen & Katz serving as ITG’s legal counsel.

Virtu Financial, Inc. (VIRT) has entered into a definitive agreement to acquire Investment Technology Group, Inc. (ITG), which has been unanimously approved by the Board of Directors of ITG and Virtu. Virtu has agreed to acquire ITG in a cash transaction valued at $30.30 per ITG share.

This significant acquisition underscores Virtu’s commitment to its institutional client franchises and is a natural next step in its growth by offering its clients a complete suite of agency services, including transparent trading and workflow technology, analytics, and liquidity solutions that all leverage Virtu’s global, scaled technology infrastructure.

The transaction is expected to close during the 1st half of 2019 after receipt of ITG shareholder approval and all required regulatory approvals.

Investment Technology Group, Inc. operates as a financial technology company in the United States, Canada, Europe, and the Asia Pacific.

Paul, Weiss is representing high-speed trading firm Virtu Financial, Inc. with a team including partners Jeffrey Marell (Picture), Thomas de la Bastide, Ellen Ching and John Kennedy and counsel Stephen Koo and Patricia Vaz de Almeida; tax partners Brian Grieve and David Mayo; employee benefits partner Lawrence Witdorchic and counsel Uri Horowitz; litigation partners Andrew Gordon and Andrew Forman and counsel Peter Jaffe and Rachel Fiorill; real estate partner Salvatore Gogliormella; tax partner David Mayo; intellectual property counsel Jonathan Ashtor; and environmental counsel William O’Brien.

Wachtell, Lipton, Rosen & Katz advised Investment Technology Group, Inc. with a team led by Nicholas G. Demmo.

 

Involved fees earner: Jeffrey Marell – Paul Weiss Rifkind Wharton & Garrison; Ellen Ching – Paul Weiss Rifkind Wharton & Garrison; John Kennedy – Paul Weiss Rifkind Wharton & Garrison; Stephen Koo – Paul Weiss Rifkind Wharton & Garrison; Patricia Vaz de Almeida – Paul Weiss Rifkind Wharton & Garrison; Thomas de la Bastide – Paul Weiss Rifkind Wharton & Garrison; Brian Grieve – Paul Weiss Rifkind Wharton & Garrison; David Mayo – Paul Weiss Rifkind Wharton & Garrison; Lawrence Witdorchic – Paul Weiss Rifkind Wharton & Garrison; Uri Horowitz – Paul Weiss Rifkind Wharton & Garrison; Andrew Gordon – Paul Weiss Rifkind Wharton & Garrison; Andrew Forman – Paul Weiss Rifkind Wharton & Garrison; Rachel Fiorill – Paul Weiss Rifkind Wharton & Garrison; Salvatore Gogliormella – Paul Weiss Rifkind Wharton & Garrison; Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Nicholas Demmo – Wachtell, Lipton, Rosen & Katz;

Law Firms: Paul Weiss Rifkind Wharton & Garrison; Wachtell, Lipton, Rosen & Katz;

Clients: Virtu Financial, Inc.; Investment Technology Group Inc;

 

Author: Ambrogio Visconti