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Report: Virtu exploring sale of BondPoint

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Report: Virtu exploring sale of BondPoint

Virtu Financial Inc. has put its fixed-income trading services platform BondPoint up for sale, Bloomberg reported, citing people familiar with the matter.

A sale of BondPoint could see bids of about $300 million, Bloomberg reported, adding that the market-making firm is working with Jefferies Group to find potential buyers.

The company is coming off a recently completed $1.4 billion acquisition of KCG Holdings and may be looking to shed some of KCG's businesses including BondPoint. The company has already started cutting expenses, including 14% of KCG's workforce.

MarketAxess Holdings Inc., Intercontinental Exchange Inc. and TradeWeb LLC were all linked as possible suitors of BondPoint, according to the report. Virtu reportedly expects to begin soliciting offers in the beginning of September.

Representatives for Virtu, Jefferies, MarketAxess and TradeWeb declined to comment to Bloomberg, while an Intercontinental Exchange spokesperson did not return requests for a comment.

During an April 20 M&A call with investors, Virtu CEO and Director Douglas Cifu said a sale of BondPoint was not allocated for in an expected $440 million of capital synergies.

"Results that I have seen and the growth that I have seen, it's a really terrific asset and a great product," he said, adding that he was not that familiar with the business.