5th Mar 2010 09:00
5th March 2010 Tullett Prebon plc Acquisition of OTC Valuations Limited
Tullett Prebon plc announces that it has reached agreement to acquire OTC Valuations Limited ("OTC Val"), a provider of independent derivative valuation services based in Vancouver, British Columbia, Canada.
The initial consideration for the acquisition is US$0.6 million (approximately £0.4 million) payable in cash, with deferred consideration up to a maximum of US$1.4 million (approximately £0.9 million) payable in cash subject to achievement of certain future revenue targets.
OTC Val is being sold by its management shareholders, Miroslav Vanous, Robert Sangha and Paul Bergbusch and other shareholders, being : David Bergbusch, John Bergbusch, John Stingl, Gurdeep Gill, Adela Vanous, George Vanous Jr, Rizwan Gehlen, Martin Drobny, Vlasta Drobny, Curtis Pyke, Gerald Pyke, Waldon Bent, Sean Y Hwang, Lena Lai and Killarney Securities Corporation.
The acquisition is expected to be completed on or about March 17, 2010.
ENDS
For further information please contact:
Investors and Analysts Press
Nigel Szembel, Head of Communications Charlotte Kirkham
Tullett Prebon plc M:Communications44 (0)7802 362088 44 (0)207 920 [email protected] [email protected]
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