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Knight Capital Group said investors have agreed to buy $400 million of 2% convertible preferred stock, providing a critical lifeline for the market maker.


The identity of the investors wasn’t immediately available. Knight, which ran into trouble last week when a software glitch disrupted trading activities that cost the company $440 million on a pretax basis, said it expects to consummate the transaction later Monday morning.

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Richard Schulze, the founder and former chairman of Best Buy, offered to buy the remaining shares of the big-box electronics retailer that he doesn't already own in a deal that values the company at up to $8.84 billion.


The offer of $24 to $26 a share represents a premium of 36% to 47% to Best Buy's closing price Friday. Shares surged 25% to $21.99 premarket. Mr. Schulze owns 20.1% of the company.

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