18 October 2017
Register now

Icap completes EBS acquisition

05 June 2006  |  1932 views  |  0 Source: Icap

ICAP plc (IAP.L) the world's largest interdealer broker, has completed the acquisition of EBS Group Limited (EBS), the pre-eminent provider of foreign exchange trading and market data solutions to the professional spot foreign exchange community.

The acquisition, which was announced in April 2006, will combine EBS's strengths in electronic spot foreign exchange with ICAP's Electronic Broking business to create a single global multi-product business with further growth potential and significant economies of scale. This platform will provide customers with more efficient electronic trade execution, reduced integration costs and give access to broad liquidity across a wide product range.

The consideration for 100% of the share capital of EBS is US$517 million in cash and 36,100,234 new ICAP shares which have been allotted to the EBS shareholders that elected to receive them today and which will be admitted to trading on the London Stock Exchange from Tuesday 6 June 2006. These new ICAP shares are subject to lock-up arrangements for a period of six months. ICAP's issued share capital, following the issue of these new shares, is 643,832,962 shares.

The cash consideration paid to EBS shareholders was financed by a combination of ICAP's internal cash resources and new term loan and revolving credit facilities provided by J.P.Morgan Chase Bank, N.A., HSBC Bank plc, Lloyds TSB Bank plc and The Royal Bank of Scotland plc.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15338 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8518 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8055 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7582 views comments | 13 tweets | 9 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6729 views comments | 8 tweets | 16 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job