KCG Holdings, the US securities trading firm, is expanding its presence in Europe with the acquisition of Neonet Securities, an independent execution service provider based in Stockholm.
The two firms have entered into a definitive agreement that will see Neonet purchased from its current shareholders, Hay Tor Capital, KAS BANK and Cidron Delfi Intressenter Holding. Financial terms have not been disclosed.
Neonet offers a suite of algorithmic trading strategies, smart order routing and sales trading, as well as post-trade clearing and settlement services. Working primarily with European equities, Neonet is intended to improve KCG’s reach in continental Europe.
The acquisition will also give Neonet clients access to a wider range of execution services on an international scale.
Neonet will continue to be led by CEO Tim Wildenberg, from its Stockholm headquarters
Wildenberg said: “For the last 20 years, Neonet has focused on putting clients first and providing them with transparent execution services, as well as deep knowledge of international financial markets. We look forward to leveraging KCG’s significant expertise across asset classes in the U.S. and Europe for the benefit of our clients worldwide for years to come.”
Philip Allison, CEO of KCG Europe, said: “We are pleased to announce an agreement to acquire Neonet, a Nordic pioneer in trading and execution services, as we broaden our European reach and continue to bolster our ability to provide clients with global execution solutions.”
“Neonet’s sophisticated technology, experienced trading desks, and deep team of execution specialists are highly complementary to our existing execution services and will help accelerate the growth of our agency client business.”
The transaction is subject to customary regulatory approvals, and is expected to close later in the year.
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