Securities trading and processing outfit Penson Worldwide has signed a deal to acquire the clearing service business of Chicago-based futures broker Goldenberg, Hehmeyer & Co (GHCO) for a reported $35 million in cash and stock.
Around 75% of the purchase is expected to be made in cash, with the balance in Penson stock.
Commenting on the deal, Philip Pendergraft, CEO and co-founder of Penson, says: "The GHCO acquisition significantly enhances Penson's capabilities and capacity in futures clearing, in line with our growth plans, and will provide our existing customers a major footprint at the intersection of equities, futures and options at a time of dynamic convergence in the financial services industry."
Following the acquisition the unit will be renamed Penson GHCO. The firm's co-chairmen Ralph Goldenberg and Chris Hehmeyer will become vice chairman and CEO of Penson GHCO, respectively.
Penson GHCO headquarters will remain in Chicago and continue to operate through its offices in New York, London and Minneapolis as well as clear through the Chicago Board of Trade, the Chicago Mercantile Exchange, LCH.Clearnet and the Minneapolis Grain Exchange.