Instinet up for sale - New York Times
us.rd.yahoo.com*http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh46541_2004-11-18_07-29-06_n18461899_newsml
Thu Nov 18, 2004 02:29 AM ET
NEW YORK, Nov 18 (Reuters) - Instinet Group Inc. (INGP.O: Quote, Profile, Research) , an electronic stock trading network operator, is up for sale in a deal that could be worth more than $2 billion, the New York Times reported on Thursday.
The company, majority owned by global news and financial data provider Reuters Group Plc (RTR.L: Quote, Profile, Research) (RTRSY.O: Quote, Profile, Research) , has hired investment bank UBS (UBSN.VX: Quote, Profile, Research) to advise it on the sale, the newspaper said, citing executives briefed on the plan.
Reuters, which has said it is reviewing its portfolio of businesses and looking for ways to extract more value from Instinet, declined to comment on the report.
Instinet was not immediately available for comment.
Bankers are looking into selling the entire business, but separate deals could be struck for the company's electronic trading network and its institutional brokerage business, the New York Times said.
It listed possible buyers of the trading network as Archipelago Holdings Inc. (AX.P: Quote, Profile, Research) , Nasdaq and the New York Stock Exchange, while Knight Securities or a foreign broker-dealer could be interested in the institutional brokerage business.
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