Exclusive: Knight Capital to sell itself to Getco Holding - sources
NEW YORK (Reuters) - Knight Capital Group (KCG.N) agreed to sell itself to Getco Holding Company LLC, beating rival high-speed trading firm Virtu Financial LLC, according to two people close to the negotiations.
Though Virtu had offered an all-cash deal, Getco and its private equity firm General Atlantic increased its offer to above $3.60 a share in cash and stock in the combined company, one source said. Under Getco's plan, Knight Chief Executive Thomas Joyce would give up his role.
A spokeswoman at Knight was not immediately available for comment.
(Reporting by Jed Horowitz; Editing by Jan Paschal)
WASHINGTON - The Federal Reserve on Wednesday embarked on the risky task of winding down the era of easy money, saying the U.S. economy was finally strong enough for it to start scaling down its massive bond-buying stimulus. | Video
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.