CVC, ConvergEx Deal On The Rocks Amid US Probes

Law360, New York (December 23, 2011, 2:49 PM EST) -- Private equity firm CVC Capital Partners LP and investment technology company ConvergEx Group have agreed to halt CVC’s planned acquisition of ConvergEx under the pressure of parallel federal investigations into a ConvergEx affiliate’s trade execution practices.

The U.S. Securities and Exchange Commission and the Department of Justice are looking into Bermuda-based subsidiary ConvergEx Global Markets' nonelectronic trading technology, ConvergEx said in a statement Friday.

The company did not provide further details of the investigation. An SEC representative declined to comment Friday, and a spokesperson for the...
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