Exchange operator BATS takes on two new private equity investors
NEW YORK (Reuters) - BATS Global Markets said on Wednesday that private equity firms Spectrum Equity and TA Associates acquired minority stakes in the U.S. and European exchange operator from Lehman Brothers Holdings Inc.
The terms of the deal were not disclosed.
A regulatory filing by closely held BATS from March of last year showed Lehman held slightly below 4 million shares in the company, making it the single largest shareholder at the time. Other investors included Citigroup Inc (C.N), Credit Suisse, and trading firm Getco, which has since merged with Knight Capital Group to form KCG Holdings Inc (KCG.N).
Chris Mitchell, managing director at Spectrum, will serve as a director on the BATS board, the BATS said.
Rosenblatt Securities Inc was an advisor to Spectrum and TA in connection with the deal.
BATS' two U.S. exchanges currently account for 12 percent to 13 percent of U.S. equity trading volume. BATS Chi-X Europe is the largest pan-European equities exchange in terms of market share and value traded.
(Reporting by John McCrank; Editing by Bernadette Baum)
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