TP ICAP Shareholders Greenlight Liquidnet Acquisition

Interdealer broker, TP ICAP plc (LON:TCAP) announced that the shareholders of the publically-listed company have approved the proposed acquisition of private trading operator, Liquidnet and its subsidiaries.

The London Stock Exchange (LSE) filing detailed that 83.33 percent of the shareholders voted in favor of the deal in the company’s annual general meeting held on Monday morning. 16.66 percent of votes were against the deal while a minority refrained from voting.

TP ICAP first publicly revealed its interest in the US-based dark pool operator last September, and, a week after the confirmation, both the companies signed the agreement of definitive terms for the acquisition. TP ICAP is willing to seal the deal anywhere between $575 million and $700 million.

The London-listed company is even in the process of raising approximately £315 million via rights issues to fund the deal. The remaining $100 million will be sourced from the existing debt facilities, and a further $50 million will be paid after the third year of the deal.

A Major Deal to Dominate the Buy-Side Market

Liquidnet has a major global buy-side network of over 1,000 institutional asset management clients and integrates with all major order/Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term management systems. The platform collectively manages $33 trillion in equity and fixed-income assets and has access to 45 global markets.

After the green light from the shareholder, only regulatory approval is pending for the final closure of the acquisition deal.

TP ICAP earlier detailed that the acquisition will provide the potential new owner substantial electronic trading and workflow connectivity to the buy-side and, additionally, can diversify its asset exposure.

Meanwhile, the interdealer broker has recently restructured its operations forming a holding company based in Jersey. Furthermore, it established a local entity in France as post-Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term it cannot continue its EEA operations from London.