Tullett Prebon, the UK-headquartered interdealer broker, announced this morning to investors that its deal to buy the global hybrid voice broking and information business of rival ICAP (already rebranded as NEX) is still expected to be completed before the end of the year, as originally promised.
It also announces that it has changed its official name from Tullett Prebon plc to TP ICAP plc and will commence trading under the new ticker starting “TCAP” tomorrow.
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Tullett Prebon announced its plans to acquire ICAP’s voice broking and information business for over £1 billion ($1.67 billion) last November, in which it would receive all of the associated technologies owned by ICAP including iSwap and Fusion, together with some of the company’s joint ventures and associates.
As reported by Finance Magnates in March this year, Tullett Prebon reaffirmed that the deal was entering its final stages, and that once all the approvals for the deal were received, it expected to complete the deal within the current calendar year.
Chief Executive John Phizackerley commented that he “continued to hope the deal would be done by the end of 2016.”
Once the deal is completed, it will make Tullett Prebon the world’s largest interdealer broker in an industry in which middlemen help move large or illiquid fixed income, derivatives and commodities trades between brokers.