Instinet in Acquisition of Bridge Trading from Reuters
March 31, 2005
Cleary Gottlieb represented longtime client Instinet Group Inc. in its acquisition of Bridge Trading Company, a soft-dollar execution broker, from Reuters.
Instinet acquired all of Bridge’s outstanding common stock for 3,751,527 shares of Instinet common stock, valued at approximately $21.5 million. Under the terms of the transaction, Bridge will operate as an independent broker-dealer, continue to have exclusive rights to its existing ReutersStation soft-dollar clients through the end of this year, and will retain its name for a transitional period.