Blackbird acquires Icap stake, ends legal wrangle

Blackbird acquires Icap stake, ends legal wrangle

Icap has disposed of its 19% holding in Blackbird, ending an acrimonious 18-month dispute over ownership and control of the US-based electronic inter-dealer broker.

Icap says it sold its stake in the company - which it acquired for $12 million last year - back to Blackbird's management in exchange for an undisclosed amount of cash and intellectual property rights.

The companies issued a joint statment saying the deal will result in the dismissal of various legal actions taken by both parties and pending in several courts.

Blackbird had alleged that Icap wanted to win control of the company in order to quash competition to its own combined voice and electronic broking business.

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