The interdealer broker titans join forces as ICAP to take majority stake in Tullett Prebon

Two of the largest interdealer brokers in the world are about to join forces, marking a landmark merger among London’s giants. ICAP plc (LON:IAP) is set to take a majority stake in Tullett Prebon as a result of talks between the two companies that have been in progress for a number of weeks and could come […]

Lydia Solinski now Bank Liquidity Manager at 360 Trading Networks

Two of the largest interdealer brokers in the world are about to join forces, marking a landmark merger among London’s giants.

ICAP plc (LON:IAP) is set to take a majority stake in Tullett Prebon as a result of talks between the two companies that have been in progress for a number of weeks and could come to fruition as early as next week.

ICAP, which alongside its interdealer brokerage business owns pre and post trade risk company Traiana and electronic brokerage EBS, is a giant with a market capitalization of almost £3 billion and whose subsidy EBS is one of the largest institutional ECNs in the business, rivaling Thomson Reuters’ FXall very closely on a month to month basis.

Currently, the proposed value at which the majority stake, or the percentage of the stake, have not been declared.

Should the deal proceed, corporate synergy between the two companies, including cost saving with regard to administrative systems and operational expenditure would provide further efficiency as well as the merger generating corporate strength,

Acquiring a majority stake in Tullett Prebon may be no financial challenge to an entity as vast as ICAP, as Tullett Prebon’s market capitalization is £765 million however should the deal be finalized it will place ICAP as one of the very largest companies in its sector, worldwide and will dominate London’s interdealer brokerage business completely.

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