NASDAQ to Acquire Brut ECN for US $190 million
By Our Markets Bureau | 26 May 2004
The
Nasdaq Stock Market, Inc. ("NASDAQ"; OTCBB:
NDAQ) announced it has entered into a definitive agreement
to acquire Brut LLC, the owner and operator of the Brut
ECN, for a total consideration of $190 million in cash,
from SunGard Data Systems Inc. (NYSE: SDS).
The board of directors of each company has approved the transaction, which is expected to close during the third quarter of 2004, subject to customary closing conditions and regulatory approval. It is anticipated the transaction will be accretive to NASDAQ shareholders within 12 months from closing.
The Brut acquisition is intended to enhance NASDAQ''s systems by providing NASDAQ with the ability to route orders via an internal broker-dealer to multiple liquidity pools in keeping with changes proposed by Reg NMS, and to improve FIX connectivity.
Bob Greifeld, president and chief executive officer of NASDAQ, stated, "This is just one more step in NASDAQ''s multi-pronged strategy to increase our share of trading, raise the number of NASDAQ-listed companies, reinforce NASDAQ''s status as the premier U.S. equity market and serve investors better."
