Loanet Acquires Instinet's Securities Lending Division; Instinet Gets Minority Stake
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In a deal that saw no cash exchanged, Salem, N.H.-based Loanet Inc. has acquired the securities lending management division of Reuters' Instinet Corp. subsidiary, including its so-called Loan-Ex and Loanmate securities lending products. The agreement, which was finalized on Jan. 3, gives Instinet a minority stake in Loanet--a software vendor that primarily peddles a real-time securities lending accounting service to a variety of financial institutions. As part of the deal, several Instinet
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