Refco to sell futures business for $768m [UPDATE]

Refco has come to an agreement with a group of investors led by buyout firm JC Flowers for the sale of its futures brokerage business conducted through Refco LLC, Refco Overseas, Refco Singapore "and certain related subsidiaries and other assets".

Refco said in a statement that the proposed purchase price of $768m equals 103% of the net capital of the acquired businesses. The firm will...