Cowen Group Acquires Convergex

April 5, 2017

Willkie client Cowen Group, Inc. agrees to acquire Convergex from private equity firm GTCR, Bank of New York Mellon and other equity holders for approximately $116 million in cash and stock.

On April 3, Willkie client Cowen Group, Inc. announced its definitive agreement to acquire Convergex Group, LLC from private equity firm GTCR, Bank of New York Mellon and other equity holders for $116 million in cash and stock.

Upon closing, the transaction will position Cowen as the leading independent trading platform in equities with high-quality research and best-in-class global execution capabilities. With combined pro forma brokerage execution revenues of more than $400 million in 2016, the transaction solidifies Cowen as a leader in U.S. trading volume and expands Cowen’s reach to 108 countries around the globe, including China.

Convergex is a leading agency-focused global brokerage and trading related services provider with a client base of 2,500 hedge funds, asset managers, broker-dealers, trusts and exchanges. Business units include equity sales and electronic trading, commission management, prime services and global clearing.

Willkie also represented Cowen in its strategic partnership with CEFC China, announced last week.

The Willkie deal team was led by partners David Boston and Manuel Miranda, and included associate Alexis Anzelone.