KCG Plans to Fund Buybacks With Bats Stake Worth $321 Million
- Bats shares valued at about a quarter of KCG’s market value
- ‘Shareholders don’t own our stock for ownership of Bats’: CEO
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KCG Holdings Inc. plans to start cashing in its Bats Global Markets Inc. shares, liquidating an investment worth about a quarter of the trading firm’s market capitalization.
“It’s a great investment,” KCG Chief Executive Officer Daniel Coleman said Monday at a Barclays Plc conference. “That said, our shareholders don’t own our stock for ownership of Bats.” The money raised will probably fund share repurchases, he said.