Whew! Talk about by the skin of your teeth! Reuters reports that Knight Capital Group Inc
looks set to enter into a $400 million financing deal with a group of
investors, allowing the trading firm to open its doors Monday after a crippling
$440 million loss, although it will come at a steep cost to shareholders,
sources familiar with the situation said.
Such a deal would help Knight continue to operate and avoid
further disruption and uncertainty for its brokerage clients, which include
firms such as TD Ameritrade, Vanguard and Fidelity Investments. An announcement on the deal is expected by
early Monday, one source said.
The capital lifeline is coming from investors that include
private equity firm Blackstone Group, Chicago market-maker Getco - in which
private equity firm General Atlantic is a shareholder - as well as financial
services firms TD Ameritrade, Stifel Nicolas, Jefferies Group Inc and Stephens
Inc, according to the sources…..
Read all about it at http://www.reuters.com/article/2012/08/06/us-knightcapital-deal-financing-idUSBRE8740JE20120806
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