The company will issue 309.9 new shares to compensate ICAP and ICAP’s shareholders
Tullett Prebon plc (LON:TLPR) and ICAP plc (LON:IAP) have announced the conclusion of the biggest deal in the inter-dealer broking space this year. As reported by Finance Magnates last week, ICAP’s global hybrid voice broking and information businesses will be acquired by Tullett Prebon for a total of over £1.1 billion ($1.67 billion).
Under the agreement, Tullett Prebon will also receive all of the associated technologies with the above mentioned business units that ICAP plc owns ,including iSwap and Fusion and some of the company’s joint ventures and associates.
The Post-Trade, Risk and Information and Electronic Markets divisions of ICAP will continue operating under a new group holding company named ICAP NewCo, which is aiming to position itself to dominate the financial technology space.
New Shareholder Structure
Tullett Prebon plc (LON:TLPR) will issue a total of 309.9 million new shares, which amount to about £1.1 billion ($1.67 billion) based on yesterday’s closing price of 358 pence per share. The newly issued shares will amount to 56 percent of the total share capital of Tullett Prebon plc therefore giving a majority stake to ICAP plc and its shareholders.
Inter-dealer brokers continue to play a vital role at the heart of the global wholesale OTC markets
On completion of the deal, a total of 44 percent will be owned by current shareholders of Tullett Prebon plc (LON:TLPR), 36.1 will be owned by ICAP shareholders and 19.9 percent will be owned by ICAP plc (LON:IAP) itself.
Commenting on the announcement, the CEO of Tullett Prebon plc (LON:TLPR), John Phizackerley, said, “Inter-dealer brokers continue to play a vital role at the heart of the global wholesale OTC markets. This important acquisition will deliver to Tullett Prebon shareholders significant cost synergies and gives the combined business greater client and product coverage and a stronger global footprint.”
“It brings important benefits for clients, shareholders and staff and creates a strengthened platform to deliver our objectives of becoming the world's most trusted source of Liquidity in hybrid OTC markets and the best operator in global hybrid voice broking,” he explained.
ICAP to Focus on Electronic Trading
After the deal, the businesses under ICAP NewCo include all of ICAP's Exchange -like electronic platforms, EBS and BrokerTec; the post-trade risk mitigation businesses, TriOptima and Reset; the transaction processing business, Traiana; the financial technology incubator, Euclid; and ICAP Information Services as it relates to ICAP's electronic platforms.
We will emerge from this transaction as a pure post-trade services and electronic trading group
After the deal is approved by shareholders, the Chief Operating Officer of ICAP, Ken Pigaga, will resign from his current position and be appointed to the board of Tullett Prebon as a Director and Chief Operating Officer.
In addition, ICAP NewCo will appoint a non-executive director to the board of Tullett Prebon plc.
Commenting on the announcement, the CEO of ICAP plc, Michael Spencer, said, “Financial regulatory reform means that the global financial markets have profoundly changed and this transaction means both companies will be better suited to meet the market's changing needs and better serve our customers.”
Elaborating on ICAP NewCo, he stated, “We will emerge from this transaction as a pure post-trade services and electronic trading group. Our strategy has consistently been to increase the proportion of revenues derived from these two divisions. This transaction is the next natural step in this strategy.”
Tullett Prebon plc (LON:TLPR) and ICAP plc (LON:IAP) have announced the conclusion of the biggest deal in the inter-dealer broking space this year. As reported by Finance Magnates last week, ICAP’s global hybrid voice broking and information businesses will be acquired by Tullett Prebon for a total of over £1.1 billion ($1.67 billion).
Under the agreement, Tullett Prebon will also receive all of the associated technologies with the above mentioned business units that ICAP plc owns ,including iSwap and Fusion and some of the company’s joint ventures and associates.
The Post-Trade, Risk and Information and Electronic Markets divisions of ICAP will continue operating under a new group holding company named ICAP NewCo, which is aiming to position itself to dominate the financial technology space.
New Shareholder Structure
Tullett Prebon plc (LON:TLPR) will issue a total of 309.9 million new shares, which amount to about £1.1 billion ($1.67 billion) based on yesterday’s closing price of 358 pence per share. The newly issued shares will amount to 56 percent of the total share capital of Tullett Prebon plc therefore giving a majority stake to ICAP plc and its shareholders.
Inter-dealer brokers continue to play a vital role at the heart of the global wholesale OTC markets
On completion of the deal, a total of 44 percent will be owned by current shareholders of Tullett Prebon plc (LON:TLPR), 36.1 will be owned by ICAP shareholders and 19.9 percent will be owned by ICAP plc (LON:IAP) itself.
Commenting on the announcement, the CEO of Tullett Prebon plc (LON:TLPR), John Phizackerley, said, “Inter-dealer brokers continue to play a vital role at the heart of the global wholesale OTC markets. This important acquisition will deliver to Tullett Prebon shareholders significant cost synergies and gives the combined business greater client and product coverage and a stronger global footprint.”
“It brings important benefits for clients, shareholders and staff and creates a strengthened platform to deliver our objectives of becoming the world's most trusted source of Liquidity in hybrid OTC markets and the best operator in global hybrid voice broking,” he explained.
ICAP to Focus on Electronic Trading
After the deal, the businesses under ICAP NewCo include all of ICAP's Exchange -like electronic platforms, EBS and BrokerTec; the post-trade risk mitigation businesses, TriOptima and Reset; the transaction processing business, Traiana; the financial technology incubator, Euclid; and ICAP Information Services as it relates to ICAP's electronic platforms.
We will emerge from this transaction as a pure post-trade services and electronic trading group
After the deal is approved by shareholders, the Chief Operating Officer of ICAP, Ken Pigaga, will resign from his current position and be appointed to the board of Tullett Prebon as a Director and Chief Operating Officer.
In addition, ICAP NewCo will appoint a non-executive director to the board of Tullett Prebon plc.
Commenting on the announcement, the CEO of ICAP plc, Michael Spencer, said, “Financial regulatory reform means that the global financial markets have profoundly changed and this transaction means both companies will be better suited to meet the market's changing needs and better serve our customers.”
Elaborating on ICAP NewCo, he stated, “We will emerge from this transaction as a pure post-trade services and electronic trading group. Our strategy has consistently been to increase the proportion of revenues derived from these two divisions. This transaction is the next natural step in this strategy.”
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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