Virtu +6.5% in premarket trading.
The per-share price represents a 37% premium to ITG's closing price of $22.06 on Oct. 3, before a report that Virtu was looking to buy ITG.
The deal will reduce quarter-to-quarter earnings volatility as revenue contribution from Technology and Execution Services will increase to 37% from 10%, Virtu says.
Virtu intends to fund the all-cash transaction with new gross borrowings of $1.5B; intends to repay $400M outstanding under its existing term loan.
VIRT gets committed financing from Jefferies and Royal Bank of Canada for up to $1.5B of debt financing for the deal.
Intends to maintain annual dividend of 96 cents per share after the transaction closes.
Sees $123M of net pretax expense savings and $125M of capital synergies.
Conference call at 7:30AM ET
Previously: Virtu Financial EPS in-line, beats on revenue (Nov. 7)
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