ConvergEx, After Closing Eze Castle Sale, Finally Pulls Its IPO


ConvergEx, which is backed by GTCR and Bank of New York Mellon, finally withdrew its IPO Friday.

New York-based ConvergEx said it has determined “not to proceed with the offering contemplated by the Registration Statement at this time,” according to an SEC filing dated June 7.

The filing comes two years after ConvergEx filed to go public in a $400 million IPO. The company, at the same time, also put itself up for sale in a dual track process.

In July of 2011–just two months after filing for the IPO–ConvergEx announced it would sell itself to CVC Capital in a deal valued at $1.9 billion. That sale to CVC didn’t go through. In December 2011, ConvergEx terminated its merger agreement with the PE firm.

That led  ConvergEx to put its Eze Castle Software and RealTick businesses up for sale during the fall of 2012. TPG ended up winning the auction in a deal valued at $1.9 billion. The sale to TPG closed on April 9.

GTCR and BNY Mellon each own 33.2% of the ConvergEx business, according to a May 2011 regulatory filing. GTCR has invested $150 million over time in ConvergEx, sources have told peHUB.

ConvergEx likely waited so long to officially call off the IPO because it wanted to complete the Eze Castle sale, one banker says. “The company was just late in pulling the filing,” the source says.

ConvergEx could not immediately be reached for comment.

Photo courtesy of Shutterstock

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