Virtu Financial on Wednesday announced it agreed to acquire agency brokerage and trading analytics provider Investment Technology Group for about $1 billion in a cash deal.
Virtu, a high-frequency trading firm, is buying ITG to add the firm's "first-class global institutional client franchise" that includes execution services and workflow technology, said Douglas A. Cifu, Virtu CEO, in a news release.
Mr. Cifu will remain CEO after the acquisition of ITG closes, expected sometime in the first half of 2019 pending approval of ITG shareholders and regulators.
Francis Troise, CEO and president of ITG, will remain in that role until the acquisition closes, said an ITG spokesman. ITG's regional executives will join Virtu, he said.
Jefferies and Sandler O'Neill + Partners were financial advisers to Virtu on the deal. J.P. Morgan Securities was financial adviser to ITG.