TP ICAP (Tullett Prebon) Completes Acquisition of NEX (ICAP)

TP ICAP plc (the newly rebranded Tullett Prebon) has just announced that it has completed the acquisition of the global hybrid voice broking and information business of NEX Group plc (the new ultimate holding company of the ICAP Group), including NEX's associated technology and broking platforms and certain of NEX's joint ventures and associates.

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At 8:00 a.m. today London time, 310,314,296 new TP ICAP shares allotted to the shareholders of NEX as consideration in respect of the transaction will be admitted to the premium listing segment of the official list of the UK's Financial Conduct Authority (FCA) and to trading on the London Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term's main market for listed securities.

Commenting on today's announcement, John Phizackerley, CEO of TP ICAP, said: "This deal creates the leading interdealer broker in the world. It is a transformational acquisition for TP ICAP, providing a unique opportunity to accelerate our strategy and deliver for our clients, our employees and our shareholders."

Background

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.