Tullett completes big Icap deal

Microphone

Two of the City’s biggest brokers have completed their billion-pound deal to split into a voice-broking powerhouse and an electronic markets specialist.

The Telegraph reports that Tullett Prebon has bought Icap’s phone-based broking business in an all-stock deal worth £1.28bn, as it hopes to cut overlapping compliance and technology costs.

The complex transaction was first announced in November 2015 and has been tweaked to satisfy regulators, which called for the sale of Icap’s oil-trading desk to encourage competition.

John Phizackerley, who will lead the newly enlarged Tullett Prebon Icap, said the deal 'creates the leading interdealer broker in the world'.

Hit the link below to access the complete Telegraph article:

Tullett completes Icap deal to create world's biggest broker

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