Icap to rejig Tullett deal to clear anti-trust hurdles

Source: Icap

ICAP plc (IAP.L), a leading markets operator and provider of post trade risk and information services, notes the statement from the Competition and Markets Authority ("CMA") announcing that it will consider the proposed remedy of a sale of ICAP’s voice/hybrid EMEA oil broking business in order to address the concerns raised by CMA with respect to the disposal of ICAP's global hybrid voice broking and information business to Tullett Prebon plc ("Tullett Prebon") (the "Transaction").

ICAP and Tullett Prebon are working together to achieve the sale of the voice/hybrid EMEA oil broking business within the appropriate timeframe. Together with Tullett Prebon, ICAP remains focused on the process of obtaining the necessary remaining regulatory and competition approvals in order to complete the Transaction. The proposed Transaction remains on track to complete later this year.

ICAP no longer intends to retain a 19.9% interest in TP ICAP plc after completion of the Transaction and has agreed with Tullett Prebon that, subject to the requisite approvals (including the approval of ICAP shareholders), these shares will be issued directly to ICAP shareholders such that they will hold approximately 56% of TP ICAP's enlarged share capital on completion. A revised circular will be sent to ICAP shareholders in due course.

Upon completion the ICAP Group will begin to trade as NEX Group plc, a focused electronic and post trade group with a leading portfolio of financial market infrastructure businesses and products.

Except as set out above, there has been no significant change affecting any matter contained in the announcement of the Transaction on 11 November 2015 and no other significant new matter has arisen which would have been required to be included in the announcement if it had arisen at the time of the preparation of that announcement.

Comments: (0)