Intercontinental Exchange, Inc. (NYSE:ICE) entered into an asset purchase agreement to acquire KCG BondPoint, Inc. from Virtu Financial LLC for $400 million on October 24, 2017. The purchase price is subject to working capital adjustments. Pursuant to the terms of the agreement, Virtu Financial has agreed to sell specified assets and to assign specified liabilities constituting Virtu Financial's BondPoint division and fixed income venue. Upon completion, the KCG BondPoint team will join Intercontinental Exchange, Inc. Closing of the transaction is subject to the satisfaction of customary closing conditions and receipt of certain regulatory clearances, including from the Financial Industry Regulatory Authority, Inc. and the Municipal Securities Rulemaking Board and the expiration or termination of the applicable waiting period under the Hart- Scott- Rodino Antitrust Improvements Act of 1976, as amended. The transaction is expected to close in the first quarter of 2018. The net after-tax proceeds of the sale will be used to repay a portion of outstanding term loan of Virtu Financial, Inc., the parent of Virtu Financial LLC. Jefferies LLC acted as the financial advisor and Jeffrey D. Marell, Andrew Gordon and Susanna Buergel of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as the legal advisor to Virtu Financial. Corey Betker, Arjun Chandran, Jai Garg, Eric M. Grosshandler, Omer K.Hashmi, William S. Holste, Brian Hurd, Patrick Sean Kelly, Junyeop Kim, Jennifer D.Morton, David Robert O'Steen, Nick Ramphal, Olcott Dillon Smith, Jeffrey Tate, Rory O’Halloran, Jordan Altman, John Cannon, Jessica Delbaum and Russell Sacks of Shearman & Sterling LLP acted as the legal advisors for Intercontinental Exchange. William Lafferty and Ryan Stottmann of Morris, Nichols, Arsht & Tunnell LLP acted as legal advisors for KCG. Jefferies turned to Gregory Varallo and Kevin Gallagher of Richards, Layton & Finger PA in Wilmington and Brian Herman of Morgan, Lewis & Bockius LLP in New York. Intercontinental Exchange, Inc. (NYSE:ICE) completed the acquisition of KCG BondPoint, Inc. from Virtu Financial LLC on January 2, 2018. Virtu BondPoint will become part of Intercontinental Exchange's fixed income trading and data solutions. Virtu Financial paid Jefferies LLC a fee of $7 million.