Knight Trading Group Completes Sale of Derivative Markets Business to Citigroup For Approximately $237 Million in Cash
December 10 2004 - 6:00AM
PR Newswire (US)
Knight Trading Group Completes Sale of Derivative Markets Business
to Citigroup For Approximately $237 Million in Cash Sale was
effective as of the close of business on Thursday, December 9
JERSEY CITY, N.J., Dec. 10 /PRNewswire-FirstCall/ -- Knight Trading
Group, Inc. (NASDAQ:NITE) today announced the closing of the sale
of Knight's Derivative Markets business to a subsidiary of
Citigroup, Inc. (NYSE:C). The sale was effective as of the close of
business on December 9, 2004 for approximately $237 million in
cash. Under the terms of the agreement, Citigroup paid Knight
approximately $237 million in cash at close for substantially all
of the assets and the assumption of certain liabilities of Knight's
Derivative Markets business operated by its subsidiaries Knight
Financial Products LLC and Knight Execution Partners LLC. The final
purchase price is subject to adjustment based on the adjusted book
value of the Derivative Markets business at the time the deal
closed. This transaction was originally announced on August 9,
2004. Knight's equity investment in the International Securities
Exchange was not included in, and will not be affected by, the
transaction, but Citigroup did purchase Knight's membership rights
on the exchange. "I am pleased to announce the completion of the
sale of Knight's Derivative Markets business to Citigroup," said
Thomas M. Joyce, Chief Executive Officer and President of Knight
Trading Group. "This transaction will allow Derivative Markets to
capitalize on its potential as part of a larger company.
Additionally, the sale will enable Knight to fulfill our long- term
strategy of focusing on our Equity Markets and Asset Management
business segments, which we believe present the best opportunities
for Knight to meet our clients' needs. I wish all Derivative
Markets employees well and thank them for their hard work and
contributions during the years they have been with Knight." Raymond
James & Associates, Inc. acted as financial advisor and
Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor
to Knight Trading Group. About Knight Trading Group Knight is
focused on meeting the needs of institutional and broker-dealer
clients by providing comprehensive trade execution services in
equities. A leading execution specialist, Knight offers capital
commitment and access to a deep pool of liquidity across the depth
and breadth of the equity market. Knight also operates an asset
management business for institutions and high net worth
individuals. To be a valued partner, Knight strives to provide
superior client service and will continue to tailor its offering to
meet the needs of its clients. More information about Knight can be
obtained at http://www.knighttradinggroup.com/. About Citigroup
Citigroup's Global Corporate & Investment Banking Group is a
leading force in the world's capital markets and consists of three
business lines: Global Banking, Capital Markets, and Transaction
Services. Citigroup provides more industry-leading solutions to
more clients in more countries than any of its competitors. No
other company serving the capital markets offers Citigroup's
geographic reach, local presence, product scope, expertise, and
high standards. Citigroup (NYSE:C), the preeminent global financial
services company has some 200 million customer accounts and does
business in more than 100 countries, providing consumers,
corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and
credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under
Citigroup's trademark red umbrella include Citibank, CitiFinancial,
Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.
Additional information may be found at http://www.citigroup.com/
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates and projections about Knight's
industry, management's beliefs and certain assumptions made by
management. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict. Since such statements involve risks and uncertainties,
the actual results and performance of Knight may turn out to be
materially different from the results expressed or implied by such
forward-looking statements. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, Knight also disclaims
any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions
to the forward-looking statements made herein; however, readers
should carefully review reports or documents Knight files from time
to time with the Securities and Exchange Commission. DATASOURCE:
Knight Trading Group, Inc. CONTACT: Margaret Wyrwas, Senior
Managing Director, Corporate Communications & Investor
Relations, +1-201-557-6954, ; Greta Morley, Assistant Vice
President, Marketing Communications & Public Relations,
+1-201-557-6948, ; Molly McDowell, Analyst, Corporate
Communications & Investor Relations, +1-201-356-1723, , all of
Knight Trading Group, Inc. Web site:
http://www.knighttradinggroup.com/ http://www.citigroup.com/
Copyright
Nightstar Therapeutics Plc ADS (NASDAQ:NITE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nightstar Therapeutics Plc ADS (NASDAQ:NITE)
Historical Stock Chart
From Jul 2023 to Jul 2024