Cowen Acquires Convergex Group for $100M, Ending Millennium Dark Pool

[kreslik.news]

Cowen Inc. (NASDAQ:COWN) has closed its acquisition of Convergex Group, LLC, an agency-focused global brokerage and trading related services provider for $100.7 million, strengthening the group’s execution capabilities, per a group statement.

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Cowen Inc. provides alternative investment management, investment banking, research, and sales, and trading services through its broker-dealer business and alternative investment management unit. The deal totaled $100.7 million, which includes $53.1 million in cash and $47.6 million in Cowen common stock.

In acquiring Convergex, Cowen will be renaming the group to Cowen Execution Services LLC, while Convergex Limited, its London-based brokerage, ... (read more)