6th Nov 2015 10:33
LONDON (Alliance News) - Tullett Prebon PLC on Friday said it is in talks to acquire ICAP PLC's global broking business.
In a statement, the interdealer broker said that the talks also cover ICAP's associated technology and broking platforms, including iSwap and Fusion, its associated information services revenue and some of its joint ventures and associates.
New shares would be issued by Tullett Prebon to its rival to finance the deal.
"It is envisaged that Tullett Prebon would issue more than 100% of its existing share capital as consideration, and the transaction would be structured such that the majority of such new Tullett Prebon shares would be distributed to ICAP's shareholders, with ICAP retaining a minority stake in the enlarged Tullett Prebon," the company said in a statement.
ICAP also confirmed the talks.
Shares in ICAP jumped 6.7% to 473.40 pence, while Tullett was down 1.2% at 325.00p on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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