U.K. telecom company, Colt, will acquire a majority stake in trading technology group, MarketPrizm from Instinet, Financial Times reports. Colt will not pay an initial price for MarketPrizm, however, it will fund the next stage of the company’s growth.
MarketPrizm will sit as an independent subsidiary within Colt, but Nomura will retain a minority stake through Instinet. Rakesh Bhasin, CEO of Colt will serve as Chairman of MarketPrizm, while John Lowrey, MarketPrizm’s CEO, will sit on the board in an advisory role and as a representative of Nomura.
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