Jersey City-based KCG Holdings Inc., a securities firm, announced it has acquired Sweden-based Neonet Securities AB, an agency broker and execution specialist.The Neonet business will operate as a subsidiary of KCG and be renamed KCG Neonet. It will continue its operations in Stockholm and be led by CEO Tim Wildenberg.
“Neonet’s talented team of specialists and commitment to client service make them an ideal strategic partner for KCG as we expand our European presence and offerings. Neonet is at a terrific place in its trajectory, and we look forward to capitalizing on exciting opportunities as a combined business,” Philip Allison, CEO of KCG Europe Limited, said in a prepared statement.
The acquisition of Neonet has expanded KCG’s foothold in Europe, KCG said.
“This is an exciting new chapter for Neonet’s business and one that will meaningfully and quickly benefit every one of our clients. By putting Neonet and KCG together, we will be able to offer a broader set of global offerings and execution solutions, backed by a deeper range of expertise and skillsets from both firms.” Wildenberg said in a prepared statement.
Financial terms of the deal were not disclosed.