GFI Group Buying Trayport for $164M
biz.yahoo.com
Friday February 1, 7:45 am ET
GFI Group Acquires Electronic Trading Software Provider Trayport for $164 Million
NEW YORK (AP) -- Derivatives broker GFI Group Inc. said Friday it has acquired London-based Trayport Ltd., a privately held provider of electronic trading software for brokers, exchanges and traders in the commodities, fixed income, currencies and equities markets.
The total purchase price was 84 million pounds ($164 million).
GFI financed the all-cash deal with the proceeds of a private placement of $60 million of 7.17 percent senior secured notes due in 2013. The company also funded the acquisition with amounts drawn under its existing revolving credit facility, which was amended to increase the available borrowings to $265 million from $160 million.
GFI does not expect the acquisition to affect its adjusted 2008 earnings, but will add to earnings thereafter.
According to the company, Trayport's software is installed on more than 10,000 trading screens worldwide. The company specializes in supplying software to the European OTC energy markets including electric power, natural gas, coal, emissions and freight.
Trayport's estimated revenue for the fiscal year ending Jan. 31 was $28 million. |
