Several sources familiar with the transaction were quoted by Reuters as saying that transaction has been confirmed, although both parties are still negotiating various aspects of the deal.
Established in 2008 with the consolidation of Société Générale’s Fimat and Credit Agricole’s Calyon Financial, Newedge offers execution, clearing, and prime brokerage services in the country.
According to an estimate, the brokerage business has a total enterprise value between €800m ($1.07bn) and €1bn ($1.33bn).
The spokesperson of Credit Agricole COB or Societe Generale declined to comment on the issue.
Newedge provides clients the opportunity to trade from its global platform, which includes over 85 global exchanges, and a complete suite of clearing, prime brokerage and financing services.
Trading in 76 nations globally, Societe Generale has a workforce of more than 154,000 staff and serves 32 million clients on a daily basis.
