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KCG Holdings, Inc. (KCG)

- NYSE
  • Aug. 25, 2013, 2:45 AM
    • BATS Global Markets (BATS) is reportedly in advanced negotiations to merge with Direct Edge Holdings in an all-stock deal that would create the second-largest exchange operator in the U.S. in terms of shares traded, putting it behind the NYSE (NYX) but ahead of Nasdaq (NDAQ).
    • BATS CEO Joseph Ratterman is expected to become the head of the new firm, while Direct Edge boss William O'Brien would become president. The companies plan to continue operating all four of their U.S. stock-exchange platforms after the merger.
    • Both firms are profitable, with BATS earning EBITDA of $101M in 2012.
    • Direct Edge's owners include KCG Holdings (KCG), Goldman Sachs (GS), Citadel and the International Securities Exchange. Those of BATS include KCG also, as well as Bank of America (BAC), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), JPMorgan (JPM) and Morgan Stanley (MS).
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  • Jun. 26, 2013, 9:14 AM
    Knight Capital Group (KCG) and Getco announce shareholder and regulatory approvals of their merger, with expected closing date of July 1. Shares off 1.1% premarket. (PR)
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  • Apr. 15, 2013, 7:06 AM
    Knight Capital (KCG) and Getco tweak the exchange ratio of their merger agreement in an effort to ensure the trading price of KCG at closing is above the $4/share necessary to keep a NYSE stock listing. The aggregate consideration to Knight or Getco owners is unchanged. The companies estimate the merger will generate savings of $110M/year. (PR)
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  • Dec. 27, 2012, 7:15 AM
    Getco's $1.4B bid for Knight Capital (KCG) gets a key backer with the support of TD Ameritrade (AMTD) - a 7% owner of Knight. Combined with Jefferies' previously announced support and Getco's own shares, this brings to 45% the ratio of Knight's shares in favor of the deal. Blackstone - a 15.6% owner - also looks likely to back the sale.
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  • Dec. 19, 2012, 8:05 AM
    As expected, Getco beats rival Virtu in the race to buy Knight Capital (KCG) after agreeing a deal valued at $1.4B in cash and stock. Knight shareholders will have the right to receive $3.75/share in cash or one share of common stock of a new holding company. Knight shares +6.3% to $3.54. (PR)
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  • Dec. 18, 2012, 5:59 PM
    High-speed trader Getco has a deal in principle to acquire Knight Capital Group (KCG), which is up 5.4% AH, Reuters reports. Updated 6:11 p.m.: Getco and P-E firm General Atlantic raised its offer to over $3.60 in cash and stock to beat Virtu Financial's all-cash offer; KCG now up 3.9% to $3.46 AH.
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  • Dec. 13, 2012, 5:50 AM
    Knight Capital Group (KCG) reportedly expects to receive final acquisition bids by the end of this week and to decide its future, which could include remaining independent, next week. High-speed trading firms Getco and Virtu Financial are the two suitors vying for Knight with offers of up to $1.8B. (previous)
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  • Dec. 4, 2012, 5:43 AM
    Cerberus is reportedly in negotiations to join Virtu's attempt to acquire brokerage Knight Capital (KCG) in a deal valued at $1.5-1.6B including debt. Virtu is also in talks with Silver Lake, Credit Suisse (CS) and other banks about financing for the bid. Meanwhile, Jefferies Group (JEF) will provide $950M to help fund Getco's rival offer for Knight in a deal worth $1.4-1.8B including debt.
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  • Nov. 28, 2012, 8:23 AM
    Knight Capital receives an offer of $3.50/share from Getco. KCG +13.8% premarket to $3.40. Will Virtu be heard from? (13D)
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  • Nov. 28, 2012, 2:26 AM
    High-speed trading firm Virtu Financial has reportedly taken the lead against rival Getco in the race to acquire Knight Capital (KCG). Any deal is expected to value the brokerage firm at over $1B, well above its market cap of 540.2M. Virtu is preparing an all-cash offer that would be a prelude to an IPO, while Getco's bid would comprise cash and shares as part of a reverse merger that would give the company a public listing.
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  • Nov. 25, 2012, 3:15 AM
    Knight Capital (KCG) has reportedly been approached by high-speed trading firms Getco and Virtu Financial about selling them its market-making operations. The business is Knight's largest and most profitable, but suffered a massive loss in August when a technical problem flooded the market with mistaken orders.
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  • Aug. 8, 2012, 4:25 AM
    Knight Capital (KCG) is set to resume its full market-making activities on the NYSE on Monday after yesterday gaining much of its market share back. Knight reportedly spoke to ~90 potential suitors about rescuing the firm, with rival Citadel offering a $500M loan in return for a 10-20% stake and control of Knight's Hotspot FX trading platform.
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  • Aug. 7, 2012, 6:18 AM
    Jefferies (JEF) CEO Richard Handler and Executive-Committee Chairman Brian Friedman played leading roles in saving Knight Capital (KCG) after its erroneous trades last week, including providing funds on Friday that allowed the latter to stay in business, the WSJ reports. Jefferies also helped with the structuring of Knight's $400M lifeline, of which the investment bank is providing a quarter.
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  • Aug. 3, 2012, 3:08 PM
    Knight Capital (KCG +59%) has reportedly drawn initial interest from KKR, TPG Capital, Silver Lake, and Bank of America among others, as it opens its books in a bid to survive.
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  • Aug. 2, 2012, 6:36 PM
    Knight Capital (KCG -62.8%) -12.4% AH on bankruptcy fears, even as it's reported  Goldman and Sandler O'Neill have been hired to find a buyer. Knight's books have been opened up to P-E firms and at least one rival (Virtu Financial?). Bloomberg Businessweek provides the back-story for Knight's $440M loss. Between 9:30 and 10:00 AM ET yesterday, one of Knight's algorithms went haywire, pushing through 4M extra trades (550M shares) related to nearly 150 stocks. Update: Fox Business claims Virtu Financial isn't interested.
    | 12 Comments
  • Aug. 2, 2012, 12:54 PM
    Surely on the brink of not surviving, Knight Capital (KCG -55%) is in discussions with Virtu Financial about a merger or capital infusion, according to sources (likely from the Knight camp). Virtu is also a player in the high-speed trading arena. (earlier)
    | 3 Comments
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Company Description
KCG Holdings Inc is asecurities firm offering clients a range of services designed to address trading needs across asset classes, product types and time zones. It is also engagedin principal trading via exchange-based electronic market making.