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Virtu Financial to buy independent brokerage ITG for $1 billion


(Reuters) - High-speed trading firm Financial Inc is buying independent brokerage Inc (ITG) for about $1 billion, said on Wednesday as looks to add more big institutional investors.

shareholders will receive $30.30 in cash for each share, representing a premium of 9 percent to the stock's Tuesday closing price.

The offer also represents a 40 percent premium since reports of a deal first surfaced in October.

last year bought rival high-frequency Inc, allowing it to execute orders for (

Virtu's shares rose 6.5 pct to $26.24 in premarket trading. Shares of ITG, which on Wednesday also reported a better-than-expected third-quarter profit, were trading flat.

was the to and Wachtell, Lipton, its

(Reporting by in Bengaluru; Editing by and Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 07 2018. 20:36 IST