Cleary Gottlieb is representing longtime client Instinet Group in its acquisition of Bridge Trading Company, a soft-dollar execution broker, from Reuters. The transaction is subject to NASD approval and other customary conditions and is expected to close within eight weeks.
According to the terms of the stock purchase agreement, Instinet will purchase all of Bridge’s outstanding common stock for $21.5 million in Instinet common stock, and Bridge will continue to have exclusive rights to its existing ReutersStation soft-dollar clients through the end of this year.