Instinet Confirms Island Buy; Tech Questions Remain
TRANSACTION SYSTEMS
NEW YORK--Confirming widespread industry rumors, Instinet agreed to acquire the Island ECN for $508 million in an all-stock transaction last week. But questions remain, particularly about the compatibility of Instinet’s and Island’s technology, market strategies and management styles.
The two companies will be operated separately until the transaction closes, scheduled for the second half of 2002. Instinet shares will be issued to Island shareholders, dropping Reuters’ ownership of the former
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