After ICAP plc and Tullett Prebon both confirmed that they are holding talks concerning the voice broking and information business of inter-dealer broker ICAP, the companies have reaffirmed today that the deal is entering its final stages. Shareholders of both companies will be voting on the deal estimated at $1 billion after receiving a prospectus that will be published later today.
Shareholders of both companies will need to approve the deal on the 24th of March. The agreement includes ICAP’s associated technology and broking platforms, namely iSwap and Fusion, and certain joint ventures of ICAP’s and its associates.
The firms have also received requests for more information from the Competition and Markets Authority (CMA), the United States Antitrust agencies, the Department of Justice and some other antitrust watchdogs in Singapore and Australia.
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Also pending is approval by various financial regulatory bodies, including the U.K. Financial Conduct Authority (FCA). Tullett Prebon will be applying for approval with a number of other financial watchdogs throughout the first half of 2016.
The acquirer Tullett Prebon has already announced that the firm discussed the terms of a new Investment Firm Consolidation Waiver with the FCA. ICAP has also started the procedures to receive approvals from a number of financial regulatory bodies across the globe.
Should all the approvals for the deal be received, Tullett Prebon expects to complete the deal within this calendar year.