US institutional trading network Liquidnet has signed a definitive agreement to acquire New York-based Miletus Trading, an agency-only brokerage firm that provides quantitative execution strategies and analytics to institutional investors. Financial terms of the deal were not disclosed.
Liquidnet, which operates an electronic marketplace for block trading between large institutional investors, says the acquisition of Miletus is an integral part of its strategy to build a more efficient global institutional marketplace for the buy side.
"Both companies are focused on how innovation and technology can empower buy-side traders and improve their trading results," says Seth Merrin, CEO of Liquidnet. "Together, Liquidnet and Miletus will introduce the next-generation institutional trading model."
Commenting on the acquisition, Michael Capelli, co-founder and managing director of Miletus Trading, says: "By fusing Miletus' technology with Liquidnet's 3.5-billion-share liquidity pool we will create an even more compelling marketplace that advances the way institutions trade equities."
Liquidnet says the transaction is expected to close by the end of March, pending regulatory approval.