ConvergEx Finally Pulls IPO After Closing Sale Of Unit

  • Eze Castle Software and RealTick businesses sold in April
  • ConvergEx filed for IPO two years ago
  • Sale of entire firm fell through in December

ConvergEx, which is backed by GTCR and Bank of New York Mellon, has finally withdrawn its IPO listing, sister website peHUB reported.

New York-based ConvergEx, a provider of brokerage and trading-related services, 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 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 did not go through. In December 2011, ConvergEx terminated its merger agreement with the firm.

That led ConvergEx to put its Eze Castle Software and RealTick businesses up for sale during the fall of 2012. TPG Capital 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 percent 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 said. “The company was just late in pulling the filing,” the source said.

ConvergEx could not immediately be reached for comment.

Luisa Beltran is a senior writer for peHUB.