Source: Van der Moolen
Van der Moolen Holding NV today announced that it has reached agreement to sell certain assets of its US specialist activities to Lehman Brothers for zero consideration.
The agreement includes all specialist stocks and the majority of staff. As from the date of consummation of the transaction, which is expected on or around December 10, Lehman Brothers will assume specialist responsibility for the 308 operating companies on the New York Stock Exchange floor.
Following the sale of its US specialist book, Van der Moolen Holding NV fourth quarter net result will include charges for derecognition of certain VDMS intangible assets amounting to € 40 million (net of taxes). This amount excludes any charges for severance and other one restructuring costs.
Richard den Drijver, CEO of Van der Moolen Holding NV, comments: "This transaction marks the end of an era for our company, but certainly not the end of our activities in the US. From now on the focus of our US business will be on brokerage and trading at the Chicago Board Stock Exchange (CBSX). This brings our focus in the US in line with our strategy in Europe."