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Nasdaq completes acquisition of Instinet
0 Comments | AFP, December, 2005
NEW YORK (AFP) — Instinet Group said that its 1.88 billion-dollar acquisition by Nasdaq Stock Market has been completed, bolstering the technological platform of the number two US stock exchange.
The deal gives British-based news and information group Reuters net cash proceeds of 1.1 billion dollars (630 million pounds) from its 62 percent holding in Instinet Group, according to a statement from Reuters.
Under the deal, Instinet's institutional broker division was sold to the investment firm Silver Lake Partners.
The deal comes in the wake of the New York Stock Exchange's merger with the Archipelago electronic trading service, and creates a more competitive environment for trading, with the Nasdaq positioned as the low-cost leader.
© 2005 AFP
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