ITG Agrees to Sell Calgary-Based Research Unit

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Go back to ITG Agrees to Sell Calgary-Based Research Unit

Warburg Pincus to Acquire ITG's (ITG) Calgary-Based Investment Research Unit

November 5, 2015 10:50 AM EST

ITG (NYSE: ITG) announced that it has signed a definitive agreement to sell the Calgary-based unit of ITG Investment Research (the energy research group) to Warburg Pincus, a global private equity firm focused on growth investing. Subject to customary conditions, the transaction is expected to close by the end of 2015. Upon close, the energy research group will launch under a new brand name.

Under the terms of the agreement, Warburg Pincus will acquire the energy research group for $120.5 million in cash. ITG expects to book a gain of between $90 million and $95 million after taxes... More