Leucadia National To Acquire ITG Investment Research - Quick Facts

(RTTNews) - Leucadia National Corp. (LUK) announced it has entered into a definitive agreement to acquire ITG Investment Research, LLC from Investment Technology Group for $12 million. Upon completion of the deal, ITG Investment Research will operate as M Science. Michael Marrale, will serve as CEO of M Science.

ITG said it does not expect to book a material gain or loss from this transaction after related costs and taxes and the write-down of the remaining intangibles associated with ITG Investment Research.

ITG also announced it plans to take a restructuring charge of approximately $1.6 million to reduce the headcount within its U.S. high-touch sales trading operation as a result of the sale. ITG expects to realize cost savings of approximately $3 million annually as a result of the deal.