A definitive agreement has been signed by Bats Global Markets to acquire ETF.com, a leading provider of news, data and analysis for Exchange Traded Funds (ETFs), as the company seeks to build out its ETF-related segments, and with ETF.com set to become an independent media subsidiary of the exchange operator.
The transaction is set to close on April 1st 2016, subject to customary closing conditions. According to the company press release, David Lichtblau, CEO of ETF.com, will retain his position while reporting directly to Bats Executive Vice President and Head of U.S. Markets Bryan Harkins. Financial terms of the deal have not yet been disclosed. Through the four stock exchanges that Bats operates in the U.S., its market-share of ETFs is the largest, as described in the update, and thus it seemed like a logical move to capitalize on its existing footprint with the ETF.com acquisition.
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Bats CEO, Chris Concannon, said in the press release: “This acquisition of the innovative ETF.com business underscores our commitment to the ETF industry and our focus on providing unique,value-added content for issuers, brokers, financial advisors, market professionals and investors. We are excited to acquire a company that shares the Bats culture and dedication to the continuing education of investors and other market constituents.”
Mr. Lichtblau added in the press release: “We are excited to become a part of Bats while continuing our mission as the leading provider of unique, proprietary ETF-focused content. We share the same enthusiasm as Bats and will maintain the journalistic independence that has become the hallmark of ETF.com and our flagship print publication, ETF Report.”