Lightspeed Financial To Acquire Terra Nova Financial
Terra Nova Financial Group, Inc. (OTCBB: TNFG) and Lightspeed Financial, Inc. today announced that they have entered into a definitive agreement in which Lightspeed will acquire 100% of the membership interest of Terra Nova Financial, LLC (“Terra Nova Financial”), a wholly owned subsidiary of Terra Nova Financial Group, Inc. for a purchase price of approximately $27.6 million. The terms of the agreement have been approved by the Boards of Directors of both companies and are subject to review and approval by regulators and the Terra Nova Financial Group shareholders. The acquisition furthers Lightspeed’s position as the active trading industry’s consolidator of choice and represents its second acquisition to that end in 2010 alone.
Terra Nova Financial provides approximately 3,000 clients with direct market access trading services for equities, options and futures. Its clients execute approximately 18 million shares per day and its total client assets are approximately $450 million. The combination brings the total Lightspeed client base to more than 5,500 traders executing an average of over 150 million equity shares per day. Lightspeed’s total client assets will exceed $1.25 billion with this acquisition.
“Through this deal, our customers will continue to receive the excellent customer service they have grown to expect but complimented by Lightspeed’s advanced trading suite of products that are industry leading,” stated Bernay Box, Chairman and Chief Executive Officer of Terra Nova Financial Group, Inc. “Lightspeed’s management has proven through previous acquisitions and development of products that they are committed to providing active traders with the tools and services to help them trade successfully. The combination of these qualities with Terra Nova’s long-term experience in serving active traders should be highly beneficial for our customers and their trading activities. We’ve competed with Lightspeed for a number of years in the active trading space and believe this will be a great strategic fit for our customers and organization. We also believe this transaction represents an excellent value proposition for the Terra Nova Financial Group’s shareholders.”
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