Thomson Reuters boosts buy-side capabilities with Redi acquisition
22 September 2016 | 5050 views | 0
Thomson Reuters has agreed to buy trading technology firm Redi Holdings in a bid to boost its buy-side offering. Financial terms of the deal were not disclosed.
Founded in 1992, Redi was majority owned and operated by Goldman Sachs between 2001 and 2013, when it was spun out to a consortium of major Wall Street banks. The group was first reported to be looking for a buyer in February, with a price of under $200 million floated.
By incorporating Redi’s trading capabilities into its Eikon desktop and Elektron suite of data and trading propositions, Thomson Reuters says it will enable institutional traders to move seamlessly from pre-trade activities to trade execution across asset classes on an integrated platform.
Michael Chin, MD, global head, equities, Thomson Reuters, says: "Integrating Redi into Thomson Reuters solutions will enable us to transform Eikon into a world-class trading solution for the buy-side and further expand the breadth and depth of market data available to them via Elektron — helping our customers participate in the market with greater intelligence and efficiency."
The acquisition is expected to close in the fourth quarter, subject to regulatory approvals.