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Nasdaq, Instinet Seal $1.88 Bln Deal
By Javier E. David NEW YORK (Reuters) - The Nasdaq Stock Market Inc. (NDAQ.O:
quote , Profile , Research ) and a consortium of investors announced on Friday an agreement to purchase Instinet Group Inc. (INGP.O:
quote , Profile , Research ) from its majority owner, Reuters Group Plc (RTR.L:
quote , Profile , Research ) (RTRSY.O:
quote , Profile , Research ) , for $1.88 billion in cash. Under the deal, which had been widely anticipated by market watchers for weeks, Nasdaq will pay $934.5 million, while private equity firm Silver Lake Partners and cash from Instinet's balance sheet will comprise $207.5 million. Instinet shareholders are to receive $5.44 per share -- a significant discount to where the company's shares were trading midday on Friday. "Instinet is the ideal partner to offer investors the best outcome" in the new environment of automated,
instantaneous trading, said Robert Greifeld, Nasdaq's chief executive officer, at a press conference. "If you want to think about Nasdaq going forward, think about us being the dominant, leading equity market," he said. After resumption of trading, Nasdaq's stock soared by more than $3, or more than 25 percent, to $13.80. Instinet's stock tumbled by 46 cents to $5.23, down 8.25 percent. As a condition of the deal, Reuters will sell Instinet's electronic trading network to Nasdaq. Instinet's institutional brokerage unit -- which will be headed by Edward Nicoll, Instinet's CEO -- will go to Silver Lake, while Bank of New York (BK.N:
quote , Profile , Research ) will buy its Lynch, Jones and Ryan unit for an estimated $174 million, subject to conditions. The transaction is expected to close by the end of June, the Nasdaq said. The announcement reflected how the No. 2 market -- with little cash and a modest share price -- will have to
mortgage itself to the hilt to purchase one of its chief competitors. Nasdaq will obtain $750 million in six-year debt and $205 million in convertible notes. The deal also required Nasdaq to restructure $240 million worth of convertible notes. For the past several weeks, details of the expected acquisition by Nasdaq, the No. 2 U.S. stock market by capitalization, have been leaked to the press. But the potential buzz from an actual deal was largely doused on Wednesday by the surprise announcement that the New York Stock Exchange would acquire electronic trading company Archipelago Holdings (AX.P:
quote , Profile , Research ) . Questions regarding the NYSE's move largely dominated the question and answer session at the press conference on Friday. Nasdaq has downplayed the impact of the NYSE merger, though analysts suspect that an automated NYSE could increase the already heated competition between it and Nasdaq. And on Friday, Greifeld could not resist directing thinly-veiled barbs at its most bitter rival. He noted that some markets "took longer than others" to go electronic, while also implicitly criticizing the NYSE's manual-trading floor.
Source: reuters.com