CME Group Inc, the world's largest futures exchange operator, said on Wednesday it would purchase derivatives broker GFI Group Inc to expand its reach in the European energy and global foreign exchange markets.CME said it would acquire GFI in an all-stock deal worth $580 million, and would also assume $240 million in outstanding debt, for a total value of around $820 million.Chicago-based CME will then spin off GFI's wholesale brokerage business to a private consortium controlled by GFI management for $165 million in cash, and the assumption of around $63 million of unvested deferred compensation and other liabilities, the companies said.When all is said and done, CME will pay around $655 million for two GFI units, called Trayport and FENICS, not including certain tax benefits.
CME Group Inc. (CME Group) offer a range of global products across all asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. Shares of CME fell by 0.13% or $-0.1/share to $75.40. In the past year, the shares have traded as low as $66.44 and as high as $84.71. On average, 1403730 shares of CME exchange hands on a given day and today's volume is recorded at 509444.
GFI Group Inc. (GFI) is a provider of wholesale brokerage services, clearing services and electronic execution and trading support products for global financial markets. Shares of GFIG traded higher by 43.57% or $1.355/share to $4.46. In the past year, the shares have traded as low as $2.98 and as high as $4.29. On average, 266657 shares of GFIG exchange hands on a given day and today's volume is recorded at 7512908.
Source
