British interdealer broker Tullett Prebon has acknowledged that it is in talks to acquire the global broking business of its rival ICAP.
The acquisition of the unit, which is still under discussions and yet to be completed, will include ICAP’s associated information services businesses and certain of ICAP’s joint ventures and associates (ICAP Global Broking Business or IGBB).
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If completed, the deal will be structured as an acquisition of IGBB by Tullett Prebon, with new shares in Tullett Prebon issued as consideration.
Under the terms of the deal, Tullett would issue more than 100% of its existing share capital as consideration, which would be distributed to ICAP’s shareholders.
The transaction will see ICAP holding a minority stake in the enlarged Tullett Prebon.
Tullett said it has started talks with the UK’s financial regulator on capital resources requirements applicable to the enlarged group and its subsidiaries.
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By GlobalDataThe transaction is expected to value the global broking unit at more than £1bn.
