ITG confirms Calgary sale complete

Independent broker and financial technology provider ITG has closed the sale of its Calgary-based unit ITG Investment Research to private equity firm Warburg Pincus. It will operate under the new name RS Energy Group and ITG says it will continue to provide the firm’s energy research to its institutional clients.

As previously announced on November 5, 2015, Warburg Pincus paid US$120.5 million in cash generating a gain for ITG of more than $90 million after taxes from this transaction.