Nyfix acquires 40% stake in EuroLink
06 March 2002 | 2668 views | 0
Electronic trading vendor Nyfix has acquired a 40 per cent stake in Spanish-based EuroLink Network in a bid to expand its equity network presence across Europe.
The transaction involved Nyfix granting licensing and distribution rights to EuroLink and investing $4 million directly in the company as working capital. The terms of the agreement also give Nyfix the option to increase its ownership to 80% at a later date.
Under the deal, EuroLink Network will offer Nyfix' equity terminals, market access and services to the European marketplace, primarily on a transaction fee basis.
Peter Kilbinger Hansen, chief executive officer of Nyfix, says: "EuroLink Network brings a very strong sales team to the table, with solid coverage of several European countries. In terms of a time-to-market issue, this partnership will bring us closer to where we want to be."
Humberto Toro, president of EuroLink Network, notes: "The proceeds from this deal will facilitate our investment in local infrastructure to support a roll-out of Nyfix equity products in Europe."