GFI buys Trayport
GFI has acquired Trayport, a provider of real-time electronic trading software for brokers, exchanges and traders in the commodities, fixed income, currencies and equities markets.
GFI has paid £75 million for Trayport plus an additional £9 million for excess working capital mostly in the form of surplus cash, for an aggregate purchase price of £84 million.
GFI financed the all-cash transaction with the proceeds of a private placement of senior secured notes and amounts drawn under its amended credit facility.
With Trayport’s record of growth, cost structure and profitability performance, GFI anticipates that this transaction will be neutral to its non-GAAP 2008 earnings.
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