It looks like trading firm Knight Capital will sell itself to Getco Holding company, sources tell Reuters.
Though Virtu had offered an all-cash deal, Getco and its private equity firm General Atlantic increased its offer to above $3.60 a share in cash and stock in the combined company, one source said. Under Getco’s plan, Knight Chief Executive Thomas Joyce would give up his role.
Joyce leaving is a pretty big deal. He’s respected on Wall Street, and saved the company after it suffered a $400 million loss due to a bug in one of its trading programs this summer.
Then again, the loss was under his watch so it is what it is.
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