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Instinet to complete Island deal by October

Instinet, the agency broker owned by Reuters, will complete its acquisition of Island, an electronic communications network, on September 20.

Instinet will pay a special cash dividend to shareholders of $1 per common share, which will be made on October 3. It will issue about 77 million shares to Island's owners, which include the private equity groups TA Associates and Bain Capital. Island shareholders will end up owning 25% of Instinet's expanded share capital.

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