Broadridge Financial Solutions Inc. (NYSE: BR) saw its stock price plummet 5.06% during intraday trading on Friday. The significant drop coincided with the company's announcement of a major acquisition and a report of insider share selling.

The financial technology firm announced it has entered into an agreement to acquire CQG, a leading provider of futures and options trading, execution management, and market connectivity solutions. The acquisition is intended to expand Broadridge's global futures and options trading capabilities by adding complementary execution management, algorithmic trading, and analytics to its existing order management and client connectivity solutions.

Investors reacted negatively to the news, with the stock experiencing sharp selling pressure. Adding to the negative sentiment, a regulatory filing showed that Director Robert N. Duelks reported a disposal of common shares of Broadridge Financial Solutions Inc. The company noted that the terms of the CQG transaction were not disclosed and that the deal is not expected to have a material impact on Broadridge's financial results.