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ION gets greenlight for Broadway takeover

ION gets greenlight for Broadway takeover

ION Group's offer to offload Broadway Technology's fixed income business has appeased the UK's competition watchdog, which has now cleared the acquisition of the rest of the company.

Dublin-based financial software and data company ION bought a controlling stake in American outfit Broadway earlier this year.

But the UK's Competition and Markets Authority (CMA) said the acquisition raised issues around the supply of fixed income electronic trading systems.

In order to avoid an in-depth Phase 2 investigation, ION offered to sell Broadway’s fixed income business including the underlying software and the brand to a buyer consortium led by Broadway’s CEO.

This has been approved by the CMA, which says it is "satisfied that the concerns will be fully addressed by the remedy offered, restoring competition in the supply of FI electronic trading systems to the pre-merger conditions".

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